Legal & General launches new tracker

Thursday, 31, Jul 2008 07:55

Legal & General has announced it will be launching an exclusive tracker mortgage deal on August 4th.

In a tie-up with the Scottish Widows bank, Legal & General Mortgage Club will be launching a two-year tracker at 5.99 per cent (base plus 0.99 per cent).

The tracker comes with a free offset facility and a £999 arrangement fee which can be added to the loan, remortgage clients will also receive the added benefit of a remortgage package or cashback.

"This exclusive tracker mortgage will be an attractive option for any borrowers with some equity in their home and some funds set aside with which they can offset against the loan," said Martyn Smith, head of mortgages at Legal & General.

"The headline rate is very competitive and we welcome Scottish Widows Bank to our Mortgage Club for the first time."

The new deal is available up to 75 per cent loan-to-value (LTV) for purchase and remortgage clients.

"We are delighted to be joining the Legal & General Mortgage Club and are very pleased to introduce this attractive tracker mortgage exclusive to members," added Gordon Bowden, business development director at Scottish Widows Bank.

"The free offset facility allows clients greater flexibility to manage their finances, and this is becoming a popular feature for many customers."

Chris O'Toole