The Vernon has also launched a new five-year fixed residential mortgage product offering borrowers 4.29 per cent fixed until 31 January 2030 with an arrangement fee of £999 requiring 80 per cent LTV
Vernon Building Society has reduced a series of its mortgage products by 30 basis points.
The mutual’s three-year fixed residential mortgage has been cut by 30 basis points to a new rate of 4.49 per cent, with an arrangement fee of £499. This mortgage is fixed until January 31 2028 and requires 80 per cent loan to value.
The Vernon has also launched a new five-year fixed residential mortgage product offering borrowers 4.29 per cent fixed until 31 January 2030 with an arrangement fee of £999 requiring 80 per cent loan to value.
The society’s existing five-year fixed mortgage requiring no arrangement fee has been lowered by 30 loan to value to 4.49 per cent.
Mortgages requiring a 90 per cent and 95 per cent loan to value have also been cut by 15 loan to value.
Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, said: We are proud to be offering some of the most competitive mortgage rates across the market right now. As a mutual, the Vernon is not compromised by pressure to make as much profit as possible, so we are eager to pass interest rate cuts directly onto our brokers and customers.
Vernon Building Society has a long history of helping people with complex situations and incomes secure a mortgage. It is a tough economic climate for borrowers at the moment who are dealing with the impacts of high inflation, the increasing cost of living and higher interest rates. Brokers can be reassured that our underwriting team personally review each application meaning we can find ways to underwrite a case that other automated lenders won’t, he added.