New 2 year fixed rate mortgage deals offered by L&G Mortgage Club

Legal & General’s Mortgage Club has launched a 2 year fixed rate mortgage at 5.95 per cent for 95 per cent LTV, the new deal has a £800 completion fee which can be added to the loan. The loan which has been launched in conjunction with the Newcastle Building Society, comes with a £195 reservation fee and has a maximum loan amount of £250,000.

A second 2 year fixed rate mortgage product has also been launched with a rate of 6.25 per cent up to 95 per cent LTV. This option has no completion or reservation fee and comes with a free valuation on properties up to £500,000. Free legal fees are also offered by the lender on remortgages in England and Wales and £300 cashback is offered on remortgages in Scotland and Northern Ireland.

Martyn Smith, head of mortgage products at Legal & General, says: “The high LTV market, especially at 95 per cent, remains constrained, with building societies currently providing most of the lending in this sector. These intermediary exclusives from Newcastle Building Society are great news for Legal & General Mortgage Club brokers, who are now able to offer their customers the choice of 2 year fixed rate mortgage deals at competitive rates on both a fee and no fees basis. We’re continuing to get the message out that mortgages with smaller deposits are available - despite perceptions to the contrary”.