The deal is available for both purchases and remortgages up to a loan to value of 95%.
The scheme has an arrangement of £199 and offers a free basic valuation, £300 cashback towards legal costs and no broker fee. There are redemption penalties for 2 years and borrowers can make overpayments of up to 5% per annum.
James Cotton, Mortgage Specialist at L&C, said, "As debates continue about whether or not interest rates have peaked, borrowers may be in two minds when choosing between the security of a fix or the lower cost of a discount or tracker. This deal provides an excellent alternative as it offers the best of both worlds."
"With a generous fees package and an arrangement fee of only £199, this deal should appeal to both home movers and remortgagors regardless of loan size."
