The West Brom is launching a range of 95% loan-to-value (LTV) mortgages for first-time buyers and home movers.
The products will be available direct and through intermediaries and are separate from the government-backed mortgage scheme.
A maximum loan amount of £250,000 and a term of 30 years applies to the 95% LTV products.
Mansfield Building Society comes in at 90% LTV
The Society is also launching a new 90% LTV purchase deal and enhancing its higher LTV offering following the return to market in March.
Highlights in the new range include a 2-year fixed-rate for house purchases of 3.44% at 90% LTV, a 3-year fixed-rate for house purchases at 3.94% at 95% LTV and a 5-year fixed-rate for house purchases at 4.04% at 95% LTV. All three are available without a completion fee and the 2-year fix comes with £500 cashback.
Richard Scott, the West Brom’s head of intermediaries, said: “Supporting first-time buyers has been a key focus for the Society for many years. We know that throughout the pandemic options were limited in the higher LTV market, making it more difficult for those with smaller deposits to achieve homeownership.
“We’re pleased to be joining other lenders in the 95% market, and enhancing our 90% offering, providing more choice to homebuyers whilst maintaining our service standards.”
Mortgage products revert to the West Brom’s SVR at the end of the fixed-rate term, which is currently 3.99%.
