Vernon launches new RIO products

Vernon Building Society has launched a series of new RIO mortgage products, including two in the lender’s ‘offset’ range.

The products consist of a 50 per cent LTV three-year discount fixed rate offer at 3.49 per cent, and a 50 per cent LTV three-year discount fix also at 3.49 per cent within the lender’s ‘offset’ range.

Both the above two products include lasting power of attorney.

In addition, the lender is launching a 50 per cent three-year discount fixed rate offering at 3.99 per cent, and a 50 per cent LTV three-year discount fix at 3.99 per cent within the lender’s ‘offset’ range.

All four products include a fee of £499, and a tiered ERC which starts at 3 per cent for the first two years, falling to 2 per cent in the final year of the mortgages.

Vernon Building Society director of sales Ian Keeling comments: “Our customers are looking for new opportunities to safely release cash from their homes and seeking more flexibility from lenders.

“Our offset account allows borrowers to have certainty of instant access to a larger sum of money should they need it, without incurring interest until they use it.”

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