Stockport building society, the Vernon, has introduced a best buy five-year fixed rate mortgage at 2.99%.
The offer has reached the top of the tables this week.
Rachel Springall, Finance Expert at Moneyfacts, said:
“This new five-year fixed deal from Vernon Building Society is highly competitive within the 95% loan-to-value market and could well entice both first and second-time buyers searching for a low rate mortgage over the longer-term. As well as this, it does not charge a product fee, which further adds to its appeal. As with any mortgage, it’s important for borrowers to work out the true cost of any deal before they commit.”
With no product fee and up to 95% LTV, Stockport’s mutual has launched the deal to help those first-time buyers and second steppers who have a modest deposit or limited equity stake of 5% in their property.
Vernon’s chief executive, Steve Fletcher, said:
“This mortgage will help aspiring homeowners get onto the ladder without a huge deposit and support second steppers to move up it, which is totally aligned to the Society’s Mission to ‘Help members buy their own home (even if their situation is unconventional)’.
“We know that the costs mount up when buying a home so this low rate mortgage comes with no product fee to assist homebuyers when they most need it.”
Founded in 1924 in Stockport, Cheshire, the Vernon is an independent, mutual building society with 6 branches throughout the area.
They seek to provide competitive mortgages, savings and investment products and to be a trusted source of reliable financial advice within the local community.