Borrowers can choose two or three-year fixed rates and a discounted base-rate tracker.
Two year fixed rates at 3.99% and 4.19% (APRs 5.0%) are available for loans up to 85% and 95% respectively of the property value. At the end of the fixed period, 1 March 2005, the rate reverts to the standard variable rate which is currently 4.95%.
The three year fixed rate Flexible Reserve mortgage is available at 4.95% (APR 5.1%) until 1 March 2006. The Flexible Reserve discounted base rate tracker offers an initial rate of 2.95% (APR 5.1% variable) which is a 2% discount for the first three months after which the rate reverts to the standard variable rate, currently 4.95%.
The features of Legal & General Mortgages’ Flexible Reserve mortgages mean borrowers can make overpayments, underpayments, take payment holidays and reborrow from their accumulated reserve.
