Vernon Building Society has reduced rates by up to 0.16% across 11 variable (discount) mortgage products.

The rate reductions include the Vernon’s complex prime two-year discount 80% loan-to-value (LTV) mortgage, which has been reduced from 4.65% to 4.49%.

In addition, the discount BTL two-year mortgage for 75% LTV has been reduced from 5.19% to 5.04%.

Meanwhile, the Vernon’s residential two-year discount large loan rate has been reduced from 4.65% to 4.49%.

The reductions apply across a broad spread of the Vernon’s specialist lending segments, including JBSP, Professional, Complex Prime, standard and specialist buy-to-let (BTL), expat BTL and Holiday BTL.

The Vernon believes discount products will appeal to clients who want the potential benefit of any future Bank of England rate falls, alongside an overpayment flexibility.

Vernon Building Society head of mortgage and savings distribution Brendan Crowshaw says: “Following our recent refresh of our mortgage proposition, we wanted to ensure our discount range remained compelling for intermediaries working with more complex borrowers.”

“By reducing variable rates across key products such as Complex Prime, Professional and specialist Buy to Let, we’re giving brokers sharper tools to help clients whose needs aren’t met by standard high street offerings.”

In December, Vernon Building Society launched a joint borrower sole proprietor (JBSP) range of products.

The JBSP range of mortgages allows for up to four applicants’ incomes to be considered to support mortgage affordability, with the non-occupying borrowers usually being close family members such as a parent, child or sibling.