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The West Brom extends new-build offer period and adds deals
The West Bromwich Building Society (The West Brom) has launched products for new-build borrowers and extended the mortgage offer period to nine months.
The products from The West Brom are available at 95% loan to value (LTV) on two-, three- and five-year fixed terms. Incentives of up to £1,000 cashback are also available.
The two-year fixed deal has a rate of 6.2% and offers £500 cashback, and the three-year fix is priced at 5.99% and also comes with £500 cashback. The five-year fixed option has a rate of 5.69% and offers £1,000 cashback.
There is no completion or booking fee and loan sizes between £40,000 and £400,000 are available.
These changes come after The West Brom said it wanted to increase support for potential homeowners despite the market’s challenges.
Its most recent results also showed its lending to first-time buyers rose by 40% year-on-year, which helped boost its total new residential lending for the year ending March 2024 to more than £1bn.
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Gareth Madeley, head of product at The West Brom, said: “We realise that for many, saving a large deposit can be difficult in the current environment. This is particularly true for customers looking to buy a new-build home, where product choice can be limited.
“By extending our range of 5% deposit mortgages to borrowers looking to buy a new-build home, we’re hoping that we can help more customers into homeownership.”