4 Jan

New lifetime tracker mortgage available for borrowers

New lifetime tracker mortgage available for borrowers

The Legal and General Mortgage Club has launched a new lifetime tracker deal, which is available to borrowers through ITL Mortgages.

Homeowners and new buyers can take advantage of the loan which offers the bank base rate plus 3.39 per cent to a maximum loan-to-value (LTV) of 80 per cent.

There is also a cap of 5.89 per cent on the mortgage until January 31st 2013.

Linda Will, sales and marketing director at ITL Mortgages, commented: "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."

Anyone who is remortgaging is also eligible for free legal and valuation fees, Ms Will explained.

Figures released by the Council of Mortgage Lenders (CML) on December 18th revealed that gross mortgage lending totalled approximately £12 billion in November 2009.

This represented a 14 per cent drop compared with the same month in the previous year, according to CML statistics.

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