Vernon launches fee-free remortgage at 1.49%

07 July 2021

Vernon Building Society has launched a highly competitive 1.49% fee-free discounted rate remortgage, available up to 60% LTV.

The mortgage will help switchers with a large amount of equity in their home to reduce their remortgaging costs, as it comes with a free basic valuation and contribution towards legal fees.

Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, said: “We know that reducing outgoings is a priority for many people. This discount mortgage is extremely competitive on rate as well as limiting switching costs.

“Borrowers can apply for the mortgage over the phone, in branch or via a mortgage broker and our bespoke approach to lending means we always look for ways to say yes.”

The new 60% loan-to-value product is available in England and Wales on mortgages between £150,000 and £750,000.

This two-year discounted product has a 3.71% reduction on the society’s Standard Variable Rate of 5.2% with a floor of 1.49%.

There is no product fee and the Society will cover the cost of the mortgage valuation up to the value of £1,000 and contribute £200 towards legal costs.

Early Repayment Charges apply for the two-year discounted period.