West Brom has entered the fray to reach the top of the two-year best-buy table by slashing one of its deals by 61 basis points to 1.48 per cent.
The cut comes just a week after HSBC slashed a two-year deal from 1.68 per cent to 1.49 per cent.
The maximum LTV of West Brom’s deal, which is direct-only, is 60 per cent and comes with a £99 booking fee. It has increased the completion fee from £1,695 to £2,395. This compares with a £1,999 completion fee for the HSBC product.
Yorkshire and Chelsea building societies – part of the Yorkshire Building Society Group – have also been in a tug of war to top the two-year best buy tables in recent months.
A new two year fix at 1.99 per cent has been added to the West Brom range with a maximum loan-to-value of 75 per cent.
This new product has a £99 booking fee and £895 completion fee and is direct-only.
Intermediary-only products have also been reduced by up to 0.26 per cent and the offered range now starts at 2.19 up to 60 per cent LTV.
Select completion fees have been cut including the two year fix at 2.49 per cent for borrowers with 25 per cent or higher deposit or equity, now down to £295 from £1,495.
West Brom divisional director for marketing and e-commerce James Wright says: “With these latest changes to our two-year mortgages we are offering solutions for a number of different customer needs.”
“Increasing choice and constantly reviewing rates to ensure we remain among the market leaders are further demonstrations of the West Brom’s commitment to helping customers buy their own home.”