Vernon scraps postcode restriction and cuts rates

21 June 2019

Vernon Building Society has completely removed its postcode restriction to enable all brokers to access its products.

Stockport’s mutual has scrapped the restriction after successfully trialling a national approach through selected network partners.

The lender has also cut the rates on three fixed rate products by 0.20 percentage points.

The new products are:

• A five-year fixed rate at 2.64% up to 90% LTV with a £999 fee

• A five-year fixed rate at 3.29% up to 95% LTV with no fee

• A five-year fixed buy-to-let rate at 3.79% up to 75% LTV with a £999 fee.

Vernon’s head of intermediary sales, Tom Gurrie, said: “We want to make it easy for all brokers to do business with us. Over the last two years we’ve steadily expanded our intermediary distribution – completely removing the postcode restriction marks the last step to becoming a nationally focused lender.

“We look forward to helping even more brokers find competitive products and innovative funding solutions for all their clients who would benefit from an individual, personal approach to their particular situation, rather than a one-size fits all approach.”