Exclusive: L&G unveils five-year fix

Product highlights include:

• 5.94% fixed for five years
• Available for purchase and remortgage to 90% loan-to-value
• Minimum loan £100,000
• £599 reservation fee (which can be added to loan)
• Free valuation for purchase and remortgage
• Free legal fees for remortgage or £200 cashback for purchase customers
• ERC - 5% for five years

Martyn Smith, head of mortgage products at Legal & General, said: “This five-year fixed rate represents good value for money as many mortgages of this type are over six per cent. Borrowers coming off cheap deals from several years ago will want to minimise the impact of rate shock and for those looking for longer term certainty than perhaps a two-year deal can provide, then this offer is perfect.”

David Jervis, business services director at Norwich and Peterborough Building Society, said: "We are pleased to offer this highly competitive exclusive five-year fixed product to L & G. We are expecting it to be a very successful and it will only be available for a limited period."