* News Update January 2008. West Bromich do not currently offer offset mortgages through intermediaries or mortgage brokers. Rates shown below will be outdated and therefore we suggest you continue your review of offset lenders using the menu on the right hand side of this page. Or contact us on 0845 6033173 for the most up to date deals available. 
West Bromwich Building Society offers a selection of flexible mortgage options.
The West Bromwich offset mortgage links a savings account (called an Offset Share Account) to the offset mortgage. Interest on the savings account is calculated daily at the same rate as the interest on the mortgage and the amount of interest earned is deducted from the offset mortgage account, reducing the balance owed. Borrowers can therefore repay their West Bromwich offset mortgage earlier than they would otherwise have done, or they can choose to reduce their monthly offset mortgage repayments as their balance falls.
The West Bromwich offset mortgage can be either a capital repayment or interest only mortgage. Whichever option borrowers choose, they can benefit from an overpayment facility, either by paying in lump sums or through a regular direct debit. Once payments are up to date, offset mortgage holders can take payment holidays or underpay by prior arrangement with the building society. The building society allows borrowers to borrow the full amount of their borrowing limit, which is usually set at 10 per cent of the loan amount for loans of 90 per cent loan to value or less. However underpayments and payment holidays could increase the mortgage term and/or the total amount payable.
The West Bromwich offset mortgage tracks the Bank of England base rate. For six months, it is 0.25 per cent above the base rate, then it moves to 0.75 per cent above the base rate. The overall cost for comparison is 5.7 per cent APR. Valuations are refunded up to a value of £350 for West Bromwich offset mortgage holders and remortgage customers will have free legal fees. The West Bromwich offset mortgage also has a family offset feature which allows mortgage holders to increase offsetting potential by linking savings accounts belonging to family members to their offset mortgage account.
The West Bromwich offset mortgage is available up to 95 per cent loan to value, for a fee of £199. Early repayment charges apply in the first year, at 1 per cent of the loan amount.
West Bromwich also offers three fixed rate and one tracker flexible mortgage. All of them feature daily calculation of interest and allow overpayments (in some cases limited to 10 per cent a year), underpayments and payment holidays, subject to conditions. Valuation fees of up to £525 are either free or refunded, depending on the option chosen.
The West Bromwich flexible fixed rate mortgages are available at interest rates of between 5.49 and 5.89 per cent, with APRs of between 6.1 and 6.8 per cent. Fixed rate periods are between two and ten years, with early repayment charges during the fixed rate period. At the end of the fixed rate period, the interest rate reverts to 1.99 per cent above the base rate. Arrangement fees are between £499 and £599.
There is also a fee free West Bromwich flexible mortgage, which is 0.49 per cent above the base rate for two years before reverting to the standard variable rate at 1.99 per cent above the base rate. The APR is 6.4 per cent. On all the products the higher lending charge is waived up to 90 per cent loan to value and some of the West Bromwich flexible mortgage deals also feature £300 cash back for first time buyers and home movers. Remortgagers on those deals can opt to have their legal costs paid instead*.
Family offset feature
No high street presence in south of England
Overpayments/underpayments and payment holidays
