West Brom launches Help to Buy remortgages
The West Brom is offering Help to Buy remortgages to borrowers who purchased their home under the government-backed equity loan scheme.
The building society has launched two, three and five-year fixed rates in cases, where the equity loan is retained, at a loan to value ratio of up to 75% offered with a free valuation.
Under the range, rates start from 2.29% for a two-year fix, with a completion fee of £999, or there is a fee-free option with a rate of 2.54%.
Three-year fixes start from 2.54% and five-year fixes from 2.74%.
The deals also come with a £500 cashback payment.
Customers can also apply for a product from the West Brom’s standard remortgage range, to increase their total borrowing and repay the equity loan in full.
Richard Scott, the West Brom’s head of intermediaries, said: “It has been five years since Help to Buy was first introduced.
“This means many borrowers are facing important decisions regarding both their equity loan, which now becomes interest bearing, and their original mortgage deal.
“The West Brom has a proven commitment to helping people secure a property of their own.
“Entering the remortgage market for Help to Buy will enable us to broaden our appeal to an increasing number of borrowers.
“The options for Help to Buy customers looking to remortgage are currently fairly limited with not that many providers catering for their specific needs.
“We are stepping forward with a strong product offering and adding some additional competition to this market segment, which can only be a good thing from the customer’s perspective.”