The current pay rate is 4.79%, discounted for 3 years and there are no extended penalties.
Available exclusively for remortgages, it offers a free valuation, free basic legal work, an arrangement fee of £299 and there is no broker fee.
Commenting on the new deal, James Cotton, Mortgage Specialist at L&C said, "This new products offers borrowers an excellent rate with the added benefit of low set-up costs. Borrowers switching to this deal from an average Standard Variable Rate of 6.75% could easily save over £160 a month on their mortgage payments*."
