Vernon Building Society has launched a new discounted remortgage product.

Available at up to 60% LTV, it has a two-year discount of 3.71%, providing an initial rate of 1.49%.

The new remortgage comes with valuation cover of up to £1,000 and a £200 contribution towards legal costs.

It can be used in England and Wales and has a minimum loan amount of £150,000 and a maximum loan amount of £750,000.

Vernon head of mortgage and savings distribution Brendan Crowshaw says: “We know that reducing outgoings is a priority for many people. This discount mortgage is extremely competitive on rate as well as limiting switching costs.

“Borrowers can apply for the mortgage over the phone, in branch or via a mortgage broker and our bespoke approach to lending means we always look for ways to say yes.”