Legal & General launches ‘exclusive’ mortgage deal

A new remortgage deal has been launched by Legal & General for customers looking for a two-year fixed-rate homeowner loan.

Customers who are members of the lender’s Mortgage Club will be able to access the 3.9 per cent interest deal, which will be provided by the Alliance & Leicester.

The maximum loan-to-value on the offer is set at 60 per cent, with an arrangement fee of £1,499 also applicable.

Head of mortgages at Legal & General Martyn Smith said the exclusive deal will hopefully be a “sign of things to come” in the market.

“Borrowers with at least 40 per cent equity looking to remortgage to a short-term fixed-rate deal will no doubt want to snap this mortgage up,” he added.

The news follows a raft of recent mortgage changes announced by lenders.

Alliance & Leicester has introduced a variety of “competitive” homeowner loans today, following similar action earlier in the week from Lloyds TSB and NatWest, all of which may be of interest to those looking to improve their debt management plan.