The rate is available at 5.45% at a maximum LTV of 80% with an arrangement fee of £999.
The product is available for purchases only for advisers part of L&G’s mortgage network, L&G Partnership Services.
Martyn Smith, head of mortgages at L&G, says: “There are signs of life in the higher LTV market and this is a good example of a competitive rate at those levels.
“We expect this deal to be popular as it is for house purchases, rather than remortgages.”
Steve Carruthers, head of corporate accounts at RBSIP, says: “We have been working closely with L&G to understand the sorts of deal that they are interested in and to develop products that are right for their advisers and their clients.
“I am delighted that we have been able to set up this deal.
“Not only does it demonstrate our commitment to the broker sector but it also recognises the benefit of a collaborative approach with our business partners.”