Leeds Building Society is set to cut rates on its five-year fixed rate mortgages at 80 per cent and 85 per cent loan-to-value, from Friday (17 October).
Rates will be cut from 3.39 per cent to 3.34 per cent at up to 80 per cent LTV, and from 3.99 per cent to 3.79 per cent in the up to 85 per cent LTV bracket.
The society also will offer a fee-assisted five-year fixed rate mortgage up to 85 per cent LTV, reduced from 4.14 per cent to 3.99 per cent.
This comes with a £199 fee, free standard valuation up to £335 and fees assisted legal services for standard remortgages.
Martin Richardson, general manager of business development for Leeds Building Society, said: “With speculation growing about when the base rate will finally begin to rise again, we’re seeing steady interest in longer term fixed rate mortgages.
“We expect these new five-year deals to appeal to home buyers with a larger deposit or homeowners with at least 15 per cent equity in their property.
“Now could be an ideal time for borrowers to lock into a competitive deal – this time of year is traditionally peak season for remortgaging and it is worth homeowners reviewing whether switching to a more competitive deal while rates are low could bring down their monthly repayments or shorten their mortgage term, and provide them with longer-term security of payment over the next five years.”
emma.hughes@ft.com
