Legal & General launches lifetime tracker mortgage

Legal & General Mortgage Club has launched an exclusive lifetime tracker mortgage at Bank Base Rate plus 3.39% (initial rate 3.89%) provided by ITL Mortgages.

This mortgage is capped at 5.89% until 31/01/13, and available to a maximum LTV of 80% and a maximum loan size of £500,000.

Martyn Smith, Head of Mortgage Products at Legal & General said: "This lifetime tracker comes with a cap for the next three years, giving peace of mind in case of sharp bank base rate increases. There are no early repayment charges after two years, which gives extra flexibility and it is available up to a relatively high loan-to-value. We are pleased to have collaborated with ITL Mortgages and this is our first exclusive product with them."

Linda Will, Sales & Marketing Director at ITL Mortgages said: "As part of our planned increase in lending for 2010 we are delighted to offer our first exclusive with L&G Mortgage Club.  This lifetime tracker deal has been designed to appeal to borrowers who require the benefit of a low pay rate combined with the security of a cap until Jan 2013.  The free valuation and legal fees will also make this product a popular choice for people seeking a re-mortgage solution."