Building society the West Brom has increased its maximum mortgage size from its current limit of £500,000 to £1 million.
Loans of £1 million will now be considered at a loan-to-value of up to 75 per cent. For 80 per cent LTV the maximum loan size has increased to £750,000. There is no change for loans up to 90 per cent LTV.
The new limits apply to selected two year fixed rate mortgages distributed through the West Brom’s intermediary partners and those sold directly by the lender. The same changes will be applied to its five year products next week.
Richard Scott, national account manager for the West Brom for Intermediaries, says: “We regularly review our lending criteria as well as our mortgage rates and will always look for ways to make improvements, particularly if it’s something our customers and lending partners are calling for.
“Offering higher loan sizes will increase the opportunities for our intermediaries to access our products for new purchasers or to support existing borrowers who want to remortgage.”
The West Brom’s current mortgage range includes fixed rate deals over two and five year terms. These include a two year fixed rate at 1.99 per cent (up to 65 per cent LTV) for new purchasers or home movers, which has a £199 booking fee and a £300 completion fee. A free first standard valuation (worth up to a maximum of £525) is included.
Remortgage customers can access the same rate, but pay no completion fee. They can then choose from either fees assisted legals or £350 cash back as an extra incentive.
