L&C Mortgages has introduced a new range of exclusive three-year fixed rate remortgage products, with rates starting from 4.02%.

The products, which are only available through L&C, are funded by MPowered Mortgages and come with added incentives, including a free valuation and either basic legal cost assistance or a £250 cashback option.

Designed specifically for homeowners looking to remortgage, the deals are expected to appeal to borrowers seeking a balance between rate and term length.

While two-year fixes have typically been a go-to for those preferring flexibility and five-year terms attract those looking for longer-term security, L&C is positioning the three-year option as a compelling alternative for borrowers who remain uncertain in the face of fluctuating economic conditions.

David Hollingworth, associate director at L&C Mortgages, said the volatility in global markets has opened up fresh opportunities for lenders to reduce fixed rates.

“Whilst some positive moves have been made for purchase borrowers, these deals provide a sharply priced rate for those coming to the end of a current deal,” he said.

“Three-year rates are often overlooked but offer a good middle ground for those wracked with indecision over how long to fix. That doesn’t have to come at a compromise on rate and this is a chance of a longer period of certainty at a rate that beats shorter- and longer-term deals alike.”