The tracker is available up to 80% LTV for purchase and remortgage clients and comes with a £999 arrangement fee which can be added to the loan on completion. Remortgage clients will receive the added benefit of free valuation and legal fees.
Martyn Smith, Head of Mortgages at Legal & General said: "We're showing that exclusive products still exist, but not every mortgage club is significant enough to secure them. This tracker is available up to a relatively high loan-to-value and offers a very competitive rate. We expect it to be very popular, especially with people remortgaging who do not want to tie themselves in to a high fixed rate. Whilst some borrowers may adopt a wait-and-see approach by sitting on their lender's SVR, this tracker represents an attractive alternative."
Legal & General Mortgage Club has more than 10,000 members who are either directly authorised or appointed representatives. Advisers can use the Club to access almost all lenders in the UK market from one portal. In 2007, over £25 billion of mortgage applications went through the Club.
