Fixed-rate Legal & General mortgage launched

Date:Tuesday 17th February 2009
Author: Max Freedman

A new Legal & General mortgage product has been launched with Platform.

Available for loans-to-value of up to 70 per cent, it is a fixed-rate mortgage of two years' duration.

It carries an arrangement fee of £1,495 and can be obtained for a loan of up to £1 million.

Legal and valuation fees are free of charge.

Mark Gordon of Platform said his organisation had gone from being a specialist lender to providing "a range of competitive mainstream mortgage products" as well.

Earlier this month, Legal & General said that the base rate and mortgage rates are now "completely out of tune with each other" despite having had a synchronised relationship in the past.

It said that the problem for most people is not the affordability of mortgage lending but the availability of it and that banks must do more for savers.

"The Bank of England is prescribing the wrong drugs in terms of the mortgage market and it is starting to make this market look more sickly," the organisation said in its statement.