West Brom doubles its maximum mortgage loan size to £1 million
West Brom Building Society has increased its maximum loan size from £500,000 to £1 million for mortgages up to 75% loan-to-value.
The maximum loan for an 80% loan-to-value mortgage has also increased to £750,000.
West Brom’s most competitively priced rate is fixed for two-years at 1.99% and the APR is 3.8%. It has a £499 arrangement fee and borrowers will need a 35% deposit to access this mortgage.
It comes with a free property valuation and early repayment charges for the first two-years. After the fixed rate period the mortgage reverts to the lenders standard variable rate, currently 3.99%.
Aaron Strutt, product manager at Trinity Financial, says: “West Brom’s policy change brings them more in line with their competitors and they are raising the maximum loan size in order to lend more money.
“Many of the high-street lenders are offering incredibly low fixed and tracker rates for mortgages up to £1 million. West Brom's rates are competitively priced, but they aren’t the cheapest in the market.”
If you would like help to secure a leading mortgage rate, call Trinity on 020 7016 0790.
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