"Our maximum LTV has now increased from 90% to 95%, opening up the opportunity of becoming a home owner to those borrowers with a smaller deposit."
West Bromwich Building Society has increased its maximum LTV from 90% to 95% and launched two new mortgage products aimed at first-time buyers.
New 95% LTV rates include a two-year fix at 3.59% and a two-year discounted variable rate from 3.19%.
Products come with free standard valuation and no booking or completion fees.
The West Brom has also reduced rates on its existing two-year discounted variable mortgages for new purchasers or home movers by 0.15% across all LTVs. Rates now start at 1.59% at 65% LTV.
Reductions of up to 0.15% have also been made on discounted variable products for remortgage customers.
David Taylor, head of products for the West Brom, said: “We have a proud history of supporting first time buyers in realising their ambition of securing a home of their own. Our maximum LTV has now increased from 90% to 95%, opening up the opportunity of becoming a home owner to those borrowers with a smaller deposit.
“Our products are competitively priced, plus we have kept things easy to understand and plan for by removing additional costs such as booking and completion fees. The recent decision by the government to abolish stamp duty for the majority of first time buyers is also a welcome boost in terms of making home ownership potentially more attainable.”