Spotlight On: West Brom’s mortgages

The deal

The West Bromwich building society has lowered the rates charged on its mortgage range and cut the arrangement fee.

Good points

Interest rates have been cut by up to 0.6 per cent while completion fees for mortgage applications have been reduced by as much as £500.

Bad points

To get its best buy, 2.35 per cent, two-year fixed deal you’ll need a deposit of at least 40 per cent. The deal also has a £99 booking fee and a hefty £1,695 completion fee.

Conclusion

The mortgage market is becoming more competitive as smaller lenders chase borrowers. But careful analysis of the deals – including taking account of sometimes large fees – is essential if you want to avoid paying over the odds for your loan.