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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.”

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  • Martyn Smith 1st February 2012 at 6:58 pm

    Hi Anonymous (first post), our usual Mortgage Club launch email was sent to all members registered to receive emails to announce the launch of the Newcastle 95% exclusives. Apologies if you didn’t receive yours – please email me at martyn.smith@landg.com and I’ll try to find out why not. Thanks…

  • Tom Cleary 1st February 2012 at 1:34 pm

    Good to see the L&G PR machine is in full working order!? Three responses to my comment? God forbid anyone should criticise them! I know they are not “secret”. I responded to a press release on a website, so it’s safe to assume they are not secret. I purely meant as AR’s, I would have expected to have been on the recieving end of an concerted e-mail campaign announcing these products. They are good news for the mortgage and property markets and I think they should make more of the launch than they have! Rant over.

  • Nick Standen 31st January 2012 at 6:15 pm

    I’m not even an AR of L&G and I can see it on their site. Stop moaning!

  • Stop moaning 31st January 2012 at 3:55 pm

    You AR’s get incentives that us direct do not !!

  • Nick Standen 31st January 2012 at 3:28 pm

    Check L&G’s website. I can see them, so I don’t think they’re secret. Never had a problem with their website, in fact I quite it.

  • Tom Cleary 31st January 2012 at 2:16 pm

    They kept this quiet! We are one of their AR’s and we knew nothing about it? It really is not a good idea to hide your light under a bushell in the mortgage market…