Vernon launches five-year fix

The mortgage is offered at a new LTV tier of 80%.

Stockport’s mutual, Vernon Building Society, has launched a new five-year fixed rate available at up to 80% loan-to-value.

The new mortgage is fixed at 2.3% for five years and comes with no arrangement fee.

It adds to the lender’s existing five-year fixed rates at 95% and 90% LTV.

Tom Gurrie, intermediary sales manager at Vernon Building Society, said: “We noticed a gap in the market for borrowers who have a modest deposit, but more than 10%, and want to benefit from a more competitive interest rate than available at 90% LTV.

“This mortgage allows them to fix into an attractive rate of interest for the medium term, without the upfront cost of an arrangement fee.”

The new five-year fixed rate is available through brokers and direct.

Published: 11 February 2020