The offer includes free mortgage protection Insurance for 6 months; a free valuation; and free legal fees for remortgages. The mortgage can be transferred if the borrower wishes to purchase a new property.
Commenting on the product, David Johnston, General Manger (Marketing), West Bromwich Building Society, said: "We are delighted to be a flag bearer for the Chancellor in his desire to help and support first-time buyers. Fixed rate mortgage products protect borrowers from the fluctuation of interest rates and, importantly for first-time buyers, give the reassurance of knowing exactly how much mortgage they will pay over the fixed term. We are therefore delighted to offer a suitable and affordable product."