Rates on two-year fixed buy-to-let product transfers have risen by up to 1.4 per cent, while residential deals have increased by up to 0.95 per cent.
Buy-to-let product transfer rates which are fixed for two years now vary from 6.49 per cent at 60 per cent loan to value (LTV), up to 6.59 per cent at 80-120 per cent LTV.
Residential rates range from 6.49 per cent at 60 per cent LTV, up to 6.59 per cent at 90-120 per cent LTV.
Additional borrowing products for residential products have increased by up to 0.90 per cent, while buy-to-let alternatives have gone up by as much as 1.4 per cent.
The bank has also launched three-year fixed remortgage products for residential borrowers, with rates starting at 5.89 per cent at 60 per cent LTV and going up to 5.94 per cent at 80-85 per cent LTV.
The West Brom lowers variable rates
The West Brom has reduced its standard variable rate (SVR) for existing borrowers to match the pricing offered to new customers.
Its SVR will now be determined by the LTV tier of the borrower and apply to all owner-occupier mortgages reaching the end of their initial product period.
The rates are now split into three tiers, starting from 4.49 for borrowers on an LTV of up to 75 per cent, moving to 4.74 per cent for mortgages greater than 75 per cent LTV but lower or equal to 85 per cent. For mortgages above 85 per cent LTV, the SVR is 5.24 per cent.
The mutual has said 90 per cent of its owner-occupier mortgage holders on an SVR will see a reduction, with the majority benefiting from a 0.75 percentage point cut.
The West Brom’s SVRs are lower than current market average fixed rates which have now breached six per cent, and down on the average SVR which stood at 5.4 per cent according to the last Moneyfacts Treasury report.
No borrowers currently on an SVR will see an increase to their rate due to this change, the mutual said.
Jonathan Westhoff, chief executive of the West Brom, said: “As a mutual organisation, our purpose is to support the financial wellbeing of our members and enable as many people as possible to own their own home.
“For new mortgages, one of the key determinants of market pricing is the amount of the loan compared to the value of their home. We want to apply the same approach for members who choose to revert to a standard variable rate at the end of their initial product term.
“Not only does this align with our purpose, but it’s another way we’re helping our customers to manage through the cost of living challenges we currently face.”
