Vernon Building Society has launched a 3-year variable rate large loan mortgage, designed to meet the needs of borrowers looking for both flexibility and value.
With a minimum loan size of £500,000 and a maximum of £1.8m, the product was designed for those seeking larger borrowing options.
It comes with a product fee of just £999 and allows for up to 25% capital repayments each year.
This latest product comes with an initial rate of 4.99%, which includes a 2.86% discount from the Vernon’s Standard Variable Rate (SVR) for 3-years and is available on both a capital and interest and interest only basis.
Vernon has also clarified its stance on affordability, confirming that income multiples of up to 5.5x income can be considered across its range of residential products, subject to meeting affordability requirements.
Brendan Crowshaw (pictured), head of mortgage and savings distribution at the Vernon, said: “We’ve designed this new product for borrowers seeking larger borrowing options who value flexibility and competitive pricing, particularly in the current market.”
“Our approach to affordability offering multiples of 5.5x income reflects our ongoing commitment to supporting borrowers when it comes to affordability and realising their homeownership aspirations.”
