Leeds offers two-year tracker with 2.99% rate

Leeds Building Society has launched a new two-year tracker mortgage at base rate plus 2.49 per cent with low fees.

Available for loans up to 85 per cent loan-to-value (LTV), the mortgage has a £199 booking fee and a £400 completion fee.

The new tracker also comes with a free standard valuation up to £335, and free in-house legal services for standard remortgages.

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Martin Richardson, general manager of business development for Leeds Building Society, said: “The Bank of England base rate has been at its historically low level of 0.5 per cent for exactly five years.

“Borrowers who don’t expect an increase in the near future might want to act now to choose this product, which is the market leader for two year tracker mortgages available through intermediaries.

“The mortgage also comes with a package of benefits, including a free standard valuation, to reduce upfront costs.

“If they prefer the flexibility of a tracker mortgage, the two-year term on this product gives borrowers the opportunity to review their home loan options at the end of this period.”

Free in-house legal services are offered for standard remortgages.

Up to 10 per cent capital repayments are allowed each year and the maximum loan size available is £500,000.