The fixed interest rate of 5.19% (APR 5.20%) is available on loans up to 90 per cent of the property value. Interest is calculated daily and loans are available for house purchase and remortgage. The flexible features of the mortgage mean borrowers can make overpayments, underpayments, take payment holidays and reborrow from their accumulated reserve.
Borrowers can undertake transactions such as requesting overpayments online at www.legalandgeneral.com. Legal & General’s online servicing facility also enables customers to track the progress of their mortgages and see the effect of undertaking flexible transactions on their outstanding balances before making their decision.
Redemption charges will apply only if the entire loan is repaid during the fixed period. The charge will be three per cent of the original amount borrowed in the first year, two per cent in the second year and one per cent in the third year. At the end of the fixed period the interest rate will revert to the standard variable rate current at that time.
