The maximum loan-to-value is 75% and the arrangement fee is £899. The product comes with a free standard mortgage valuation and free legal fees for remortgages or £200 cashback for purchases. The maximum loan size is £500,000.
Martyn Smith, head of mortgages at Legal & General said: "The most competitive area of the market has been mortgages at 60% LTV or lower recently so we are pleased to start opening up good deals to those borrowers with smaller deposits. Three years on a fixed rate give that extra peace of mind over the standard two-year deal, which I'm sure would appeal to many borrowers at the moment."
Stewart Hunter, head of introduced mortgages at Astra commented: "We are pleased to launch this new exclusive through Legal & General, which has one of the biggest mortgage clubs in the country with over 10,000 members. Following recent falls in interest rates this new exclusive offers an attractive rate together with incentives of one free valuation and free legal fee and is a practical sign of Astra's continued commitment to the intermediary market. This product is available to both appointed representative and directly authorised users of the Legal & General Mortgage Club."
Advisers can use the Mortgage Club to access almost all lenders in the UK market from one portal.
