The West Brom has launched three new remortgage products that have been designed to help mortgage prisoners.

These remortgages all charge a £499 fee and comprise a 75% LTV two-year fix at 1.84%, an 80% LTV two-year fix at 2.24% and an 85% two-year fix at 2.79%.

Any borrower wishing to take out one of these mortgages must be eligible under the FCA’s modified affordability assessment rules, which came into force in October 2019.

The lender first launched its mortgage prisoner-focussed products in September last year, with the introduction of two 60% LTV remortgages.

The West Brom chief executive Jonathan Westhoff comments: “The introduction of these new products and lower LTV requirements marks the next step in our approach to support mortgage prisoners.

“We’re hoping that by adding more products to the range, more borrowers can qualify to switch and access competitive mortgage rates in line with the current market. We’ve seen some borrowers saving up to £700 on their monthly payments, so there are significant savings to be had by switching.

“Whilst we’re pleased with the borrowers we’ve helped so far, we’ve always acknowledged that as a mid-sized lender we can only do so much, and we have called on other lenders for further support.

“Irrespective of the response, we still feel that far too few of these borrowers have been alerted to the opportunity to reduce their monthly mortgage payments.