The product has a maximum LTV of 65%, a maximum loan size of £500,000 and carries an arrangement fee of £995.
It also comes with no standard legal and valuation fees for remortgage cases and no valuation fee for purchases.
It is only available to mortgage advisers that are part of the L&G Partnership Services mortgage network.
Martyn Smith, head of mortgages at L&G, says: “For those borrowers that have a 35% deposit or more, this is likely to be an appealing product.
“Some borrowers welcome the security that a five-year fixed rate offers, and this is a competitive headline rate.”
Stephen Fox, key account manager from Chelsea Building Society, says: “We are delighted to be able to offer this product to L&G, a company that we have a long and successful relationship with, and one which has demonstrated that it can provide us with good quality loans.”