You are here: Home - News -

Combination deal launched by L&G

by:
  • 01/02/2001
  • 0
Legal and General (L&G) has enhanced its range of flexible mortgages by introducing four combination...

Legal and General (L&G) has enhanced its range of flexible mortgages by introducing four combinations of discount and cashback to allow customers to pick and mix products in order to satisfy their borrowing needs.

The new deal allows customers to choose between £200 and £400 cashback. An initial discount, calculated by the amount of cashback taken and the loan to value (LTV) percentage, is to be received by new customers for the first six months of the mortgage. Customers can also choose to substitute their cashback with L&G’s free legal service for remortgages.

According to the lender, each of the discount and cashback options come with all the features included in its flexible mortgage range, including facilities to make overpayments, take payment holidays and reborrow.

The four options currently available with the range of discount/cashback combination flexible mortgages are a rate of 5.35% with 1.5% discount, up to 75% LTV and £200 cashback, or a 5.85% rate with 1% discount, up to 75% LTV and £400 cashback. It is also launching a 5.85% rate with 1% discount, up to 95% LTV and £200 cashback, or a rate of 6.35% with 0.5% discount, up to 95% LTV and £400 cashback.

Mike Bury, managing director of L&G Bank, said: “Customers can now pick and mix the flexible mortgage that suits their circumstances. If they are remortgaging then the higher cashback may suit them whereas if they just want a cashback to cover the legal costs of buying a new home the lower cashback with a higher discount could be better for them.”

Products are available on an interest only or repayment basis and interest is charged daily, with no redemption fees for any products included in the range. The interest rate reverts to the variable rate, currently 6.85%, following the initial discount period.

Advisers wanting further details if L&G’s discount/cashback combination flexible mortgages should call 08700 100 338 for further details.

Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @OTJournalist: “As the reality of April’s tax changes starts to bite, the proportion of deals available to limited companies has grown d…
  • RT @OTJournalist: "Mortgage industry faces a conundrum. It needs to embrace technology to give consumers more choice & efficiency but fears…
  • RT @MtgSearchGo: Buy-to-let product numbers for limited companies doubled in 12 months - #Mortgage Solutions https://t.co/722e3F6YFi via @m
Read previous post:
HSHL launches in Northern Ireland

High Street Home Loans has announced that its full range of mortgage products is to be made availabl...

Close