Vernon Building Society has just announced some rate cuts and a brand new mortgage deal.

Vernon Building Society has slashed rates across several of its top mortgage deals by up to 0.3%, offering some much-needed relief for borrowers feeling the pinch.

Here’s what you need to know:

• 3-Year Fixed Rate Cut: Vernon’s popular 3-year fixed-rate residential mortgage has been reduced by 0.3% to a competitive 4.49%. This rate is fixed until January 31st, 2028, and you’ll need an 80% loan-to-value (LTV) to qualify. There’s also a reasonable £499 arrangement fee.
• Brand New 5-Year Fix: Vernon has launched a shiny new 5-year fixed-rate mortgage deal, offering borrowers a tempting 4.29% rate until January 31st, 2030. This deal also requires an 80% LTV and has a £999 arrangement fee.
• Existing 5-Year Fix Discounted: For those who prefer no upfront fees, Vernon’s existing 5-year fixed-rate mortgage (with no arrangement fee) has also been reduced by a handy 0.3% to 4.49%.
• Higher LTV Options Also Reduced: Mortgages requiring a 90% or 95% LTV haven’t been forgotten – these have also seen reductions of 0.15%.

Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, highlighted their commitment to supporting borrowers in challenging times. “As a mutual,” he said, “Vernon is focused on passing interest rate cuts directly onto our brokers and customers, rather than chasing maximum profits.”