by Peter Jacobs
The Leeds Building Society have today launched a new five year fixed rate mortgage deal hot on the heals of its new three year fixed rate mortgage it launched a few days ago. The new 5 year fixed rate mortgage is under the banner of the “home credit” range of mortgages that the Leeds Building Society offers and borrowers are able to pay back up to an additional 10% of the loan each year without penalty. Additionally there’s a massive cash incentive for borrowers who complete on this deal as they will also receive a cash back amount of £1,000 upon completion. The basic product is for loan to value (LTV) of just 60% with a rate of 4.59% although there is also an 85% LTV product as outlined below.
New Leeds 5 Year Fixed Rate Mortgage at a Glance
Here are the overall details of this new product under the home credit range of fixed rate mortgages from the Leeds :
Both of these products come with the £1,000 cash back offer upon completion. Just a few days ago the Leeds also announce new three year fixed rate mortgages with the following rates :
Generally five year rates will be higher than two or years years because most commentators believe that interest rates are going to rise over the coming years. It will depend on your own circumstances whether you decide to go for a fixed rate or tracker rate mortgage and certainly if you think you may move home during the period of the loan (as there may be early exit penalties to pay if you choose to do this).
A spokesperson for the Leeds Building Society Kim Rebecchi who is their sales and marketing director said: “We recognise that many customers prefer certainty and this five-year fixed-rate range provides peace of mind and the security that their monthly payments will remain the same for five years.”
More information and how to apply
You can obtain further information on these new five year fixed rate products by either going directly to the Leeds Building Society website where you can find details of these deals and the entire range of mortgages that the Leeds offer or speak to your independent financial adviser who can provide the information on these products and every other mortgage product in the market.
You can generally apply online for a mortgage, over the telephone or get your IFA to do all the searching and paperwork on your behalf to ensure that you get the best mortgage loan for your home purchase or remortgage to take equity out of your home.
You should always speak to a professional to get the best advice on this type of loan.
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