West Bromwich – Changes to fees

Sent for and on behalf of West Brom

The West Brom are removing their CHAPS/Telegraphic Transfer fee with effect from 1st July 2023. All mortgage offers produced before this date will stipulate the previous fee amount of £10.00, however, no revised offers are necessary as a result of the fee reduction.

West Brom are also making a change to their Account Management Fee with, effect from 1st July 2023, from £195 to £125.

The account management fee is in respect of managing the mortgage and is payable once during the lifetime of the mortgage.

The customer may have to pay this if:
• They redeem their mortgage; or
• They transfer the loan to another lender; or
• They transfer borrowing from one property to another.

This is payable either at the end of the mortgage term, or before the end of the mortgage term if the customer transfers the loan to another lender, another property or repay the mortgage (known as ‘redemption’).

Completions that take place after 1st July 2023 will have the fee adjusted automatically, therefore, the advance amount released will be higher than provided in the mortgage offer.

If you have any questions about this please do not hesitate to call West Brom Customer Service team on 0345 241 0587 (we are open Monday to Friday 8.30am to 6.00pm; Saturday 8.30am to 12.30pm).