West Brom launches a new 3 year fixed rate mortgage at 2.25%.

 If you have a 35% deposit then the West Bromwich has a 3 year fixed rate mortgage which maybe of interest.

For 65% loan to value the lender has released a new product to enhance its range. A 3 year fixed rate mortgage is on offer at just 2.25% for up to a maximum loan value of £250,000.

The rate on this deal is competitive, however you are advised to balance the headline grabbing rate against the fee charged. West Brom charges a £99 booking and a £1,895 completion fee.

You are advised to exercise caution when reviewing offers, a high fee might be worth it for a low rate if you are looking for a high value mortgage. However if the mortgage advance you seek is small, then you might find the fee makes the deal far less affordable than other products on offer elsewhere.

A 35% is a good deposit and there are many highly competitive 2, 3 and 5 year fixed rate mortgage products on offer. The trick is comparing all on a 'like for like' basis to ensure you end up with the one which is truly the most affordable.

The question is does the West Brom 3 year fixed rate mortgage at 2.25% with fees of £1,994 work out cheaper than say a mortgage with a rate of 2.35% with a fee of £1,250?

The point is to compare products on a like for like basis is not easy, and to avoid making a mistake and ending up with a more expensive product speak to a mortgage expert.

An independent 'whole of market' broker will help you work out which is the best deal at your deposit level.

Rates for 65% LTV start as low as 1.64% from the Chelsea BS, if you would like to compare all products market wide call 0800 048 8828.

Speak to a Deal Direct adviser,

to find the most competitive offer.