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Vernon launches fee-free 95% mortgage

Jessica Bird

July 22, 2021

95 ltv Mortgage Guarantee

Vernon Building Society has launched a 5-year fixed rate mortgage up to 95% loan-to-value (LTV), with no arrangement fee.

The 3.49% 5-year fixed is available on purchases only, through intermediaries and direct from the lender.

The 95% mortgage is available on loans from £95,000 to £300,000 across England and Wales, excluding London and the South East.

The rate is fixed at 3.49% until 31 October 2026, when borrowers will revert to Vernon’s standard variable rate (SVR) of 5.2%.

Early repayment charges (ERCs) apply for the first five years.

Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, said: “We’re currently seeing strong demand for high LTV loans from first-time buyers and this low-rate mortgage comes with no arrangement fee to help minimise the buyer’s upfront costs.

“Plus, our common-sense approach to underwriting means we’ll consider every client’s circumstances on an individual basis.”


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