West Brom Building Society has expanded its residential mortgage offering with the launch of new interest only and discount variable products.

For interest only options, the society has introduced a two-year fixed rate purchase product up to 60% loan-to-value (LTV) at 4.66% with a £999 fee.

A corresponding remortgage product is also available up to 60% LTV, priced at 4.88% with a £999 fee and £500 cashback.

It has also launched new discount variable products. The purchase available on a two-year term up to 90% LTV at 4.49% with a £999 fee, while the remortgage option is available up to 90% LTV at 4.60% with a £1,499 fee and £500 cashback.

West Brom has also reduced rates on selected products within its core three- and five-year fixed rate purchase range by up to 0.24%.

West Brom Building Society senior product manager John Philips says: “We’re pleased to be introducing both Interest Only and Discount Variable products back into our range, broadening the options available to brokers and their customers at a time when flexibility and choice remain important considerations.”

“Our new Interest Only products provide solutions for customers with specific borrowing needs, while the Discount Variable range offers those who are comfortable with a variable rate the opportunity to benefit should the Society’s SVR reduce in the future.”

“Alongside these launches, we’ve also made further reductions across selected purchase products to ensure we continue to offer competitive rates and support a wide variety of homebuyers and remortgage customers.”