L&G Mortgage Club offers two 95% LTV deals

Legal & General’s Mortgage Club has launched two 95% LTV deals in conjunction with the Newcastle Building Society.

The deals include a 5.95% rate fixed for two-years up to 95% LTV, with a £800 completion fee – which can be added to the loan up to the max LTV.

The product also comes with a £195 reservation fee and a maximum loan amount of £250,000 and carries a 3% ERC during the fixed rate period.

The second product has a rate of 6.25% and is also fixed for two-years up to 95% LTV.

It has no completion or reservation fees and a free valuation on properties up to £500,00. Free legal fees are also being offered for remortgages in England and Wales, or £300 cashback for remortgages in Scotland and Northern Ireland and house purchase applications.

The maximum loan amount for this deal is also £250,000 and carries a 3% ERC during the fixed rate period.

Martyn Smith, head of mortgage products at Legal & General, says: “The high LTV market, especially at 95%, 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 a two-year fix at competitive rates on both a fee and no fees basis.

“The free valuation or cashback gives the fee-free deal that little something extra which we know borrowers really appreciate in these straitened times. We’re continuing to get the message out that mortgages with smaller deposits are available – despite perceptions to the contrary”.

Steven Marks, Intermediary service executive at the Newcastle Building Society, says: “We’re delighted to be able to offer these deals to the intermediary marketplace exclusively to Legal & General Mortgage Club members.

“It’s important to support borrowers, particularly FTBs, with smaller deposits where possible and we believe these products do just that. We expect strong interest from brokers looking to support their clients at the higher end of the LTV market.”