Rates have been reduced by as much as 0.25% across the mutual’s 80% and 90% LTV mortgages.
This includes a fee-free product at 90% LTV, cut from 4.42% to 4.19%.
Further, West Brom Building Society has launched a two-year fix at 90% LTV with a £1,499 fee and rate of 3.99%. The product is available to borrowers who require larger loans and want the option of paying a fee for a lower rate.
John Phillips, mortgage product manager at the West Brom Building Society, said: “These changes are all about giving first‑time buyers and homemovers more choice at a time when affordability really matters. Reducing our 90% LTV rates makes it easier for people with smaller deposits to take that first step towards buying their own home, while our new fee‑paying option supports borrowers with higher loan sizes who want access to an even lower rate.
“As a purpose-led building society, helping people buy their own home is at the heart of what we do and these updates strengthen that commitment.”
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Last month, the firm launched two products for first-time buyers and homemovers with £2,000 cashback.
Vernon Building Society launches credit repair mortgages
Vernon Building Society has released a range of credit repair mortgages to help borrowers with historical credit issues.
This will be open to people who have stabilised their finances and sit between prime and impaired credit criteria.
Vernon Building Society has introduced new tiers to its lending policy alongside its standard prime criteria. Tier 2 will be available to borrowers with more severe or recent historical credit issues than Tier 1.
The range includes three products for purchase and remortgage. There is a three-year discount mortgage, priced at 5.16% up to 85% LTV with a £499 fee at Tier 1. Additionally, there is a three-year fix up to 85% LTV with a £999 fee, priced at 5.29% at Tier 1, and a five-year fix up to 80% LTV with a £999 fee and priced at 5.49% at Tier 2.
Vernon Building Society will assess each application on a case-by-case basis and consider arrangements to pay, missed payments on consumer credit, loan and mortgage arrears, payday loans, defaults, satisfied county court judgments (CCJs) up to £500 in the last 36 months and active or recently satisfied debt management plans (DMPs).
It will also consider historical individual voluntary arrangements (IVAs), bankruptcy, repossession and Debt Relief Orders .
After the initial product period, borrowers on the credit repair range who have kept up with payments will get the option to move onto the mutual’s standard product range.
Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, said: “Credit challenges are no longer a niche issue. We’re seeing more applicants with some form of historic[al] blip on their record, from younger buyers and the self‑employed through to those who have simply had a tough few years financially.
“Traditional lenders can be reluctant to look beyond those facts, even when an applicant’s current situation is strong. Our Credit Repair range is designed to bridge that gap, combining realistic, clearly defined criteria with common‑sense underwriting to help brokers get good-quality clients the home they deserve.”
