Vernon Building Society launches new flexible three-year variable rate large loan mortgage

07 April 2025

Vernon Building Society is proud to announce the launch of its latest mortgage product: a three-year variable rate large loan mortgage, designed to meet the needs of borrowers looking for both flexibility and value.

With a minimum loan size of £500,000 and a maximum of £1.8 million, this product is ideal for those seeking larger borrowing options. It comes with a competitive product fee of just £999 and allows for up to 25% capital repayments each year — offering significant flexibility for borrowers who may wish to reduce their balance early.

This latest product comes with an initial rate of 4.99%, which includes a 2.86% discount from the Vernon’s Standard Variable Rate for 3 years and is available on both a capital and interest and interest only basis.

As part of its continued commitment to responsible lending, the Vernon has also clarified its stance on affordability, confirming that income multiples of up to 5.5x income can be considered across its range of residential products, subject to meeting affordability requirements.

“We’ve designed this new product for borrowers seeking larger borrowing options who value flexibility and competitive pricing, particularly in the current market,” said Brendan Crowshaw, Head of Mortgage & Savings Distribution at the Vernon.

“Our approach to affordability offering multiples of 5.5x income reflects our ongoing commitment to supporting borrowers when it comes to affordability and realising their homeownership aspirations.”