Martin Richardson, Leeds Building Society general manager for business development, said it could provide a good compromise for borrowers looking to commit for more than two years, who feel five years or more is too long.
Key features:
Available on home loans up to 65 per cent LTV with free standard valuation, up to £335
Free in-house legal services available for standard remortgages
£199 booking fee and completion fee of 2.5 per cent of the loan amount
Maximum loan £200,000
Capital repayments of 10 per cent are allowed each year
IFA VERDICT:
David Hollingworth, London & Country Mortgages, Bath
“This is the lowest rate on the market, but you can’t assess on rate alone. You have to factor in the fees. Three-year rates have a place and this is an eye-catching rate, but the fees are large.”
