Legal & General's mortgage club is offering a flexible self-certification
tracker mortgage which saves applicants £325 by waiving the standard
The loan offers a range of flexible features, including overpayments,
underpayments and payment holidays and no red-emption charges at any time.
The interest rate tracks the base rate plus 0.98 per cent for the lifetime
of the mortgage, giving a current rate of 6.48 per cent, with interest
The loan also offers a cre-dit drawdown facility to access funds for any
purpose. Homeowners agree their total borrowing requirements up to 75 per
cent loan to value, including the mortgage and credit facility. The credit
facility can be acc-essed at any time once the account has been running
satisfactorily for six months.
Monthly repayments will be recalculated at the time of the additional
borrowing to reflect the increase in total borrowing. Minimum withdrawal is
L&G has become Northern Rock's sole provider for mortgage payment
protection insurance. From this week, all Northern Rock borrowers will be
offered L&G's MPPI as part of the mortgage application process.
L&G insurance managing director John Castagno says: “These exclusive
arrange-ments are an endorsement of L&G's competitive position in the key
mortgage-related area of the protection market.”