Vernon Building Society has launched a 5-year fixed rate mortgage at 2.99%, available up to 95% loan-to-value (LTV).
The product, which comes with no product fee, adds to the lender’s existing range of 95% mortgages and its 100% family assist mortgage.
Tom Gurrie, Vernon’s intermediary sales manager, said: “This is a competitive mortgage product that will help aspiring homeowners get onto the ladder without a huge deposit and support second steppers to move up it.
“We know that the costs mount up when buying a home so this low rate mortgage comes with no product fee to assist homebuyers when they most need it.
“And since we’ve scrapped our postcode restriction, brokers across the country can now benefit from Vernon’s personal and flexible approach to underwriting.”