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Two new products for L&G mortgage club

Legal & General is offering new discount and fixed rate mortgage products through its Mortgage Club.

L&G is offering a discount rate of 2.25 per cent off its standard variable rate, currently 5.95 per cent, for two years giving an initial pay rate of 3.70 per cent.

The fixed rate mortgage charges 3.79 per cent until 30 April 2004. At the end of the fixed rate period the interest rate tracks bank base rate at 0.01 per cent below bank base rate until 30 April 2005, 0.20 per cent above bank base rate until 30 April 2006 and then 1.50 per cent above bank base rate for the remaining term of the mortgage.

Both loans are available up to 95 per cent of the property value for purchases and 90 per cent for remortgages.

On the discounted loan redemption fees of six months interest at the standard variable rate will be payable for two years. On the fixed rate loan redemption fees of six months interest at the standard variable rate will be payable until 30 April 2006.

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