Legal & General's Mortgage Club is offering a flexible self-certification tracker mortgage that s...
Legal & General's Mortgage Club is offering a flexible self-certification tracker mortgage that saves applicants £325 each if they are received by June.
The homeloan deal negotiated by L&G offers a range of flexible features, such as overpayments, underpayments and payment holidays with no redemption charges at any time and daily calculated interest, but now offers waiver of the completion fee - at a cost of £325 - if they complete their application by the end of next month.
Interest rate tracks bank base rate plus 0.98% for the lifetime of the mortgage. The current rate is 6.23 per cent (APR 6.7% variable).
A credit drawdown facility is also available if homeowners agree their total borrowing requirements (mortgage plus credit facility) at outset, which can be up to 85 per cent of the value of the property. The additional credit facility can then be accessed at any time after the account has been running satisfactorily for at least six months.
Monthly mortgage payments will be recalculated at the time of the additional borrowing to reflect the increase in total borrowing. The minimum amount that can be drawn down is £500.
Mortgages are available up to 85 per cent of the value of the property and may be used for purchases or remortgages including raising capital for any purpose (maximum 75% Loan to Value).
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