West Bromwich Building Society is the latest lender to offer a super-low fixed rate in the mortgage price war.

The two-year fixed rate set at 1.48% is available up to 60% loan to value (LTV) and comes with a £2,395 completion fee and £99 booking fee. The deal is only available direct from the lender and not through advisers.

West Brom’s product is 0.1% cheaper than the next lowest two-year fix of 1.49%, offered by HSBC.

Moneyfacts finance expert Rachel Springall said the high fees on both West Brom’s and HSBC’s products may not appeal to everyone.

“Overall, borrowers would do far better to look at the overall package, including extras like free legals, or other lower fee deals like the Post Office with its 1.99% fix alongside a £995 fee,” she said.

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The Post Office, Tesco Bank and Cheltenham & Gloucester are also offering sub-1.79% deals at 60% LTV, confirmed Moneyfacts.

“Since the price war began in August 2012, we’ve seen the lowest rates ever at 60 to 75% and there is a lot more to come I suspect,” said Springall.

The West Brom has also introduced a new two year fixed rate mortgage at 1.99% with a maximum loan to value (LTV) ratio of 75%.

James Wright, the West Brom’s divisional director for marketing and e-commerce, said:

“Those looking to minimise their monthly repayments can opt for a deal with a particularly low rate of interest, while others who want to reduce up-front costs can consider a mortgage with an incentive such as a free valuation.”