The mortgage is available on loans of up to 95 per cent of the property value. There is an arrangement fee of £499 to pay, but free legal fees for remortgage customers.
Stephen Karle, operations director at the West Brom, says: “For some time, there have been calls for long-term fixed rate mortgages because of the protection they provide from fluctuations in interest rates. For first-time buyers there is the assurance of letting borrowers know exactly how much they will pay over the term of the mortgage while having the further advantage of allowing for stable financial planning.”
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