The products come with fee-free and £999 fee options, with incentives of a free valuation and help with basic legal costs or £250 cashback.
L&C Mortgages said the pricing of the products was “competitive” and lower than two-year fixed alternatives and many five-year fixed options, helping borrowers who are unsure whether to fix for a short or medium term.
At 60% loan to value (LTV), the fee-free product has a rate of 4.22% and the option with a £999 fee is priced at 4.02%.
The corresponding rates at 65% LTV are 4.29% and 4.09% respectively, while at 70% LTV, pricing for the fee-free mortgage is 4.3%, and it is 4.1% with a £999 fee.
For the fee-free three-year fix at 75% LTV, the rate is 4.32%, and it is 4.12% with no fee. At 80% LTV, the product is 4.64% with no fee and 4.44% with a £999 fee.
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David Hollingworth, associate director at L&C Mortgages said: “Volatility in global markets has opened the opportunity for lenders to cut fixed rates. Whilst some positive moves have been made for purchase borrowers, these deals provide a sharply priced rate for those coming to the end of a current deal.
“Three-year rates are often overlooked but offer a good middle ground for those wracked with indecision over how long to fix. That doesn’t have to come at a compromise on rate and this is a chance of a longer period of certainty at a rate that beats shorter- and longer-term deals alike.”
Data from Moneyfacts suggests that as of 11 April, the average two-year fixed rate is 5.29%.
