Lambeth Building Society has launched a range of discount mortgages.

The range includes a one-year discount, a two-year discount and a two-year discount with a cashback.

The discount rate over one year is 5.1 per cent giving a payable rate of 1.7 per cent for loans up to 95 per cent loan to value.

The two-year discount is 3.41 per cent making a current payable rate of 3.39 per cent for loans up to 75 per cent LTV.

The two-year discount with cashback offers a 2.31 per cent reduction with a current payable rate of 4.49 per cent for loans up to 95 per cent LTV.

Each of the loans qualifies for an additional discount of up to 0.4 per cent if accident sickness and unemployment, buildings and/or contents insurance is selected for at least five years.

Redemption penalties for the one-year loan is 5 per cent for four years, while for the two-year discounts it is 6 per cent for five years.

Procuration fees are £100 for loans up to £50,000 and £150 for loans of £50,000 plus. Additionally, for every six cases in a year an adviser will receive £200.