West Brom Building Society has announced cuts across its five-year fixed rate products.

For those with a 10% deposit, the society’s five-year fixed rate has reduced by 0.28% to 4.40% with a £999 fee, while an alternative no-fee option is also available at 4.51%.

West Brom has also made reductions at 80% LTV, with the fee-paying five-year fixed rate now 4.30%, representing a 0.27% decrease.

In addition to rate cuts, the lender is launching two new interest-only five-year fixed rate mortgages with no minimum income requirement, but where a credible repayment vehicle is in place.

The range includes one purchase product and one remortgage product at 4.30% and 4.45% respectively, both at 60% loan to value.

Commenting West Brom’s product manager Aran Mann said: “In a market where borrowers are increasingly focused on affordability and long-term security, it’s vital that we offer a wide range of competitive and flexible options.

“Our latest five-year fixed rate reductions are designed to help customers secure better value, particularly those who are looking to buy with a 10% or 20% deposit.”

“We’re also introducing new interest-only products in direct response to broker and customer feedback. In the current high-rate and cost-of-living environment, we’re seeing more customers with a solid plan for repaying their loan, whether through investments, savings, or other means, and for them, interest only borrowing offers a way to reduce monthly payments during the term.”