L&G launches lifetime tracker with ITL Mortgages

This mortgage is capped at 5.89% until 31/01/13, and available to a maximum LTV of 80% and a maximum loan size of £500,000.

Martyn Smith, head of mortgage products at L&G said the lifetime tracker gives peace of mind in case of sharp bank base rate increases.

He explained: "There are no early repayment charges after two years, which gives extra flexibility and it is available up to a relatively high LTV. We are pleased to have collaborated with ITL Mortgages and this is our first exclusive product with them."

The move is part of a decision takend by ITL Mortgages to increase in lending in 2010.

Linda Will, sales & marketing director at ITL Mortgages added: "This lifetime tracker deal has been designed to appeal to borrowers who require the benefit of a low pay rate combined with the security of a cap until Jan 2013. The free valuation and legal fees will also make this product a popular choice for people seeking a re-mortgage solution."