The rate is available for mortgages up to 80 per cent LTV, and a higher rate of 5.19 per cent is available for loans of up to 95 per cent LTV.
Early repayment charges of three per cent of the initial loan amount apply during the first-year of the fixed rate period, falling to two per cent in the second, and one per cent in the final year.
The deal comes with no valuation fee, and six months free accident, sickness and unemployment cover. An arrangement fee of £295 applies.
In addition, the building society has announced the withdrawal of its two-year fixed rate product from close of business, 4 November.
