by Mark Johnston
The Leeds Building Society has launch another new range of mortgages which they say will provide their current and potential new customers looking to switch, an opportunity to fix their mortgage rate ahead of any base rate increases by the Bank of England.
The new range makes provision for a wide range of circumstances and those with differing size deposits. The three year fixed rate mortgage comes in three different options. The first is a 75% loan to value version at 3.45% whilst the second has a loan to value of 80% at 3.89%. The final rate of 5.29% is for those with a smaller deposit of 10% as the loan to value is 90%, which is great for first time buyers.
The building society is heralding these mortgages as great for those looking for the security of knowing how much monthly repayments will be over a medium term like three years. This is fantastic for those who are concerned that the base rate may go up soon and want to shield themselves from it but do not want to be tied in for too long.
The real positive about Leeds Building Society is that they allow their customers to overpay by up to 10% each year without incurring any penalty. This is great for those looking to take advantage of the low base rate by paying off their mortgage with the extra cash.
Leeds Building Society started back in 1875 as the Leeds and Holbeck Building Socitey and is now the fifth largest in the United Kindgom. The building society has 650,000 customers which is serves via 70 branches across the UK including 30 in Yorkshire and some as far as Dublin and Gibraltar. In 2005 they changed their name to Leeds Building Society but in not connected to the Leeds Permanent Building Society which became part of the Halifax in 1995.With its head office in Leeds city centre, the building society was voted best building society four years ago by Mortgage Magazine.
Early last month they also hit the news when they launched their new shared ownership mortgage which has a great rate of interest for a fixed rate mortgage at 5.99%.
Leeds Building Societies sales and marketing director Kim Rebecchi said: “We are all well aware of the difficulties facing first time buyers buying a home. They can often struggle to meet the full asking price or their current income is insufficient to support a full mortgage. This shared ownership product facilitates that first step, and provides a starting point to staircase up to full home ownership as earning potential increases.”
They also have launched a two year discount mortgage which they are hoping will attract people looking to remortgage their houses, especially those that are looking to move from their lenders standard variable rate (SV R). The building society is marketing the mortgage with free valuation and in house legal services to tempt customers in.
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