The offering has a minimum loan size of £500,000 up to £1.8m, with a product fee of £999. It allows up to 25% capital repayments each year and has an initial rate of 4.99%.
This includes a 2.86% discount from Vernon Building Society’s standard variable rate for three years and is available on a capital and interest or interest-only basis.
The mutual will lend up to 5.5 times income, subject to affordability requirements.
Brendan Crowshaw (pictured), head of mortgage and savings distribution at Vernon Building Society, said: “We’ve designed this new product for borrowers seeking larger borrowing options who value flexibility and competitive pricing, particularly in the current market.
“Our approach to affordability offering multiples of 5.5 times income reflects our ongoing commitment to supporting borrowers when it comes to affordability and realising their homeownership aspirations.”
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The mutual posted its results for 2024 last month, showing a 17% annual rise in lending totalling £89.6m.
