The West Brom has entered the mortgage price-war, with a two-year product for purchasers and remortgage customers.
It has a 2.95 per cent rate, fixed until 31 August 2014, and applicants can borrow between £25,001 and £250,000 at a maximum loan to value (LTV) ratio of 75 per cent.
Users will also pay a £99 booking fee, plus a £900 completion fee, which can be added to the total amount borrowed.
The launch follows a number of other banks, building societies and other lenders who have dipped below 3 per cent in order to attract customers with a decent credit rating and a decent deposit.
West Brom has also made “substantial” investment in a new automated support system to reduce mortgage processing times.
Stephen Leonard, divisional director for marketing and e-commerce, said: “We are delighted once again to be supporting customers with a competitively priced mortgage offering.
“Our new two year fixed rate mortgage is currently the lowest rate available at 75 per cent LTV, which is a clear sign of the Society’s commitment to aspiring homeowners and also borrowers looking to better their existing mortgage deal.”
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