The mortgage comes with a free basic valuation and contribution towards legal fees.

Brendan Crowshaw (pictured), head of mortgage and savings distribution at Vernon Building Society, said: “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.”

The new 60% LTV product is available in England and Wales on mortgages between £150,000 and £750,000.

The 2-year discounted product has a 3.71% reduction on the society’s Standard Variable Rate of 5.2% with a floor of 1.49%.

Early Repayment Charges apply for the discounted period.