Legal & General launches 3.69% mortgage
by David Masters
Financial services provider Legal & General Mortgage Club (L&G) has launched an exclusive two-year 3.69% fixed-rate deal for remortgage customers, provided by Alliance & Leicester.
Maximum loan to value (LTV) is 60%, and the arrangement fee is £1,499.
Martyn Smith, L&G’s head of mortgages, said he expects the offer to be ‘snapped up’ by borrowers looking to remortgage.
Customers with less equity can sign up for a three year deal at 4.58% fixed-rate, provided by Astra.
Loan to value for this mortgage is 75%, with an £899 arrangement fee. Maximum loan size is £500,000.
Valuation and legal fees are free for new borrowers, whilst existing borrowers can claim £200 cash back.
Smith said L&G is ‘pleased’ to open up this competitive deal for borrowers with smaller deposits.
Stewart Hunter, head of mortgages at Astra, said the deal offers an ‘attractive rate’.
Legal & General is able to negotiate exclusive deals with lenders because its 10,000 members make it one of the largest mortgage clubs in the country.
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Tags: 3.69%, 4.58%, 60% LTV, 75% LTV, Alliance & Leicester, Astra, fixed-rate, Legal & General, mortgage, three years, two years
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