Launch Pad: Mortgages

The Leeds Building Society has launched some two- and three-year fixed-rate remortgage deals, all of which offer free standard valuations up to £335 and free in-house legal services for standard re-mortgages.

All the offers have total fees of £999, with a maximum loan size of £500,000. The interest rate and the LTV payable is broken down in the table:

Key rates:

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2 year fixed rate

3 year fixed rate

Up to 60% LTV



Up to 75% LTV



Up to 80% LTV



Source: Leeds Building Society

This comes as LBS relaunched a mortgage that can be used alongside the government’s Help to Buy Equity Loan scheme. As a result, the mutual now offers the only Help to Buy mortgage with an interest rate less than 2.5 per cent and a fee less than £200.

Furthermore, customers can use this product to purchase up to 80 per cent of the property and the society lends 95 per cent of the 80 per cent. When combined with the government’s 20 per cent investment, customers need a deposit of just 4 per cent of the total property value.

Alison Mitchell, mortgage adviser

“I like the Help to Buy Scheme. When I saw the Leeds announcement, I thought it was a good rate. The government has been hoping to get Help to Buy moving, but so far too many lenders have high interest rates, which is no use if people cannot afford the monthly payments. The Leeds rate is very good and I believe this will help homebuyers. It would be nice to see more of these low rates on offer in Scotland; at the moment, rates are approximately 4 per cent.