Vernon launches low rate 90% mortgage

25 March 2021

Vernon Building Society is excited to introduce a new competitively priced mortgage, available up to 90% of the property’s value.

The mortgage will help first-time buyers with a modest deposit to get on the ladder, as well as supporting home movers and remortgagors with limited equity in their homes.

The two-year floored discounted mortgage has a rate of 2.35% and comes with a £999 fee, which can be added to the loan.

Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, said: “We know that 90% mortgages are in demand, not just from first-time buyers but also homeowners making that next step or remortgaging, so we’re pleased to support this sector.

“Our new 90% discounted mortgage has a low interest rate of 2.35% and borrowers can apply for the mortgage over the phone, in branch or via a mortgage broker.”

The new 90% loan-to-value product is available on mortgages between £150,000 and £350,000, directly or through mortgage brokers.

The discounted rate is a 2.85% reduction on the society’s Standard Variable Rate of 5.2% with a floor of 2.35%. Early Repayment Charges apply for the two-year discounted period.