As part of the changes, which came into effect from April 17, the society is reducing its 95% borrower share product to 5.24%. The deal comes with no fees and remains one of the more competitive options in the shared ownership market.
Rates across the rest of the shared ownership range have also been reduced and end dates have been extended from June to September.
There’s also good news for those buying new build homes. With two-year rates reduced up to 47 basis points (0.47%) and now start from 4.77% for customers with a 10% deposit.
At 95% LTV, rates have been lowered to 5.54%. This product includes no fees and comes with £500 cashback, helping with upfront costs. A new 90% LTV option has also been introduced at 5.28% with a £999 fee.
Aran Mann, Product Manager at West Brom Building Society, said: “We know buying your first home isn’t easy, especially in the current environment, so we’re doing what we can to make it more achievable. That’s why we’ve tailored our range of shared ownership and new build deals to give customers more support and more ways to make homeownership happen.”
“These latest rate changes are about listening to brokers, keeping a close eye on the market, and making sure we’ve got competitive products that genuinely help customers into homeownership.”