The building society revealed one of its 90% LTV deals would also benefit from the cuts as it makes an effort to support customers with lower deposits.

Richard Scott, the West Brom’s head of intermediaries, said: “After a difficult year for first-time buyers and home movers with smaller deposits, we’re pleased to be reducing rates on our three and five year products.

“Our competitive deals, particularly the five-year fixed rate, will benefit many customers, especially those who are looking for payment certainty over the medium term.”

The newly-priced deals, launching today, will be available direct and through intermediaries.

Highlights in the new range include:

* Two-year fixed rate for house purchases of 3.34% at 90% LTV, no completion fee and £500 cashback

* Three-year fixed rate for house purchases at 3.84% at 95% LTV, with no completion fee

* Five-year fixed rate for house purchases at 3.94% at 95% LTV, with no completion fee

A maximum loan amount of £350,000 and term of 30 years applies to the 95% LTV products.