Legal & General Mortgage Club has joined Darlington Building Society to introduce exclusive discount mortgages, aimed at first-time buyers, homeowners or borrowers looking to remortgage.
The new product, which is only available to customers through the Legal & General Mortgage Club, includes a discounted Standard Variable Rate (SVR) of 2.24% until 30 September 2019. Customers will also be offered a 1% Early Repayment Charge within the discounted period, or no charge for a single repayment of up to 10% of the mortgage.
Head of lender relationships at L&G Mortgage Club, Danny Belton, expressed his delight at securing the product exclusive with Darlington Building Society. “Mortgage clubs like Legal & General’s play a vital role in the mortgage journey between lenders and intermediaries, and it is our job to secure the best deals for our broker partners and their clients,” he said.
More features of the product include: a minimum loan value of £1,000 to a maximum of £400,000 for mortgages between 80.01% and 90% LTV, a basic valuation fee of £300, up to 90% LTV excluding fees, £250 cashback and legal fees paid by Society for Remortgages.
Belton added: “We have worked closely with Darlington to launch this discount mortgage product, and we believe this offering will further enhance the choice for intermediaries and the customers they serve.”