The West Brom – the UK’s seventh largest building society – is now offering a range of fixed rate mortgages to customers looking to own a New Build home and only have a minimum of 5% deposit. They have also extended the offers on New Build mortgages to be valid for nine months.

The new products are intended to support more customers to own a New Build home with a smaller deposit where lender and product choice can be limited.  There will be two, three and five year fixed rate options available with up to £1,000 cashback to support customers with initial costs.

This latest change comes as the West Brom pledges to increase its support for customers who want to access home ownership in a challenging market environment and off the back of its lending for first-time buyers increasing by nearly 40% year on year.

Gareth Madeley, Head of Product, comments: “We realise that for many, saving a large deposit can be difficult in the current environment. This is particularly true for customers looking to buy a New Build home where product choice can be limited. By extending our range of 5% deposit mortgages to borrowers looking to buy a New Build home we’re hoping that we can help more customers into home ownership”.