Mortgage News
L&G launches lifetime tracker with ITL Mortgages
Legal & General (L&G) Mortgage Club has launched an exclusive lifetime tracker mortgage at 3.89% (Bank Base Rate plus 3.39%) provided by ITL Mortgages.
This mortgage is capped at 5.89% until 31/01/13, and available to a maximum LTV of 80% and a maximum loan size of £500,000.
Martyn Smith, head of mortgage products at L&G said the lifetime tracker gives peace of mind in case of sharp bank base rate increases.
He explained: “There are no early repayment charges after two years, which gives extra flexibility and it is available up to a relatively high LTV. We are pleased to have collaborated with ITL Mortgages and this is our first exclusive product with them.”
The move is part of a decision takend by ITL Mortgages to increase in lending in 2010.
Linda Will, sales & marketing director at ITL Mortgages added: “This lifetime tracker deal has been designed to appeal to borrowers who require the benefit of a low pay rate combined with the security of a cap until Jan 2013. The free valuation and legal fees will also make this product a popular choice for people seeking a re-mortgage solution.”
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