As an example, West Brom Building Society’s three-year fixed rate with a £999 fee has gone down by 0.22% to 4.67%, and its no-fee version has decreased by the same amount to 4.88%.
At 95% LTV, the lender will reduce its three-year fixed rate with a £499 fee by 0.22% to 4.98%, while its fee-free equivalent will go down by 0.23% to 5.08%.
West Brom Building Society is also adding a three-year fixed rate at 95% LTV for new builds priced at 5.12% with a £499 fee.
Gareth Madeley, head of product at the West Brom Building Society, said: “We’re happy to be reducing rates on our three-year fixed range to support more customers into ownership. Supporting borrowers with smaller deposits is a key priority for us, especially in today’s challenging market, where affordability remains a key concern.
“Feedback from our broker network also helps us shape our products, and we’ll continue to evolve our offering to help give customers the best possible choice, whether that’s helping more people take their next step purchasing a first home, looking to move or buying new build.”
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Earlier this month, the mutual lowered two-year fixed rates.
