Vernon Building Society cuts selected rates and launches 5-year mortgage

13 September 2024

Vernon Building Society has cut a number of its leading mortgage deals by 0.3%.

One of the Vernon’s most competitive deals, its 3-year fixed residential mortgage, has been cut by 0.30% to 4.49%, with a low arrangement fee of £499.

This mortgage is fixed until 31st January 2028 and requires 80% loan-to-value (LTV).

The Vernon also launched a new 5-year fixed residential mortgage product offering borrowers 4.29% fixed until 31st January 2030, with an arrangement fee of £999 requiring 80% LTV.

The Vernon’s existing 5-year fixed mortgage – requiring no arrangement fee – has been reduced by 0.3% to 4.49%.

Mortgages requiring a 90% and 95% LTV have also been reduced by 0.15%.

Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, said: “We are proud to be offering some of the most competitive mortgage rates across the market right now.

“As a mutual, the Vernon is not compromised by pressure to make as much profit as possible, so we’re eager to pass interest rate cuts directly onto our Brokers and customers.

“Vernon Building Society has a long history of helping people with complex situations and incomes secure a mortgage.

“It’s a tough economic climate for borrowers at the moment who are dealing with the impacts of high inflation, the rising cost of living and increased interest rates.

“Brokers can be reassured that our underwriting team personally review each application meaning we can find ways to underwrite a case that other automated lenders won’t.”