Mortgages  

Leeds launches new two and five-year fixes

Leeds launches new two and five-year fixes

Leeds Building Society is launching new two and five-year fixed rate mortgages over the next couple of days.

These deals – including a 1.84 per cent two-year fixed rate available up to 65 per cent loan-to-value and a 3.59 per cent five -ear fixed rate available up to 85 per cent LTV – will be launched tomorrow (13 January).

The five-year deal has no fee and both come with a free standard valuation covering properties priced up to £500,000 and fees assisted legal services for standard remortgages.

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A range of five-year fixed rate offset mortgages will be launched on Wednesday (14 January), including a 2.99 per cent deal available up to 75 per cent LTV.

Martin Richardson, the society’s general manager for business development, commented that as the chances of a base rate rise have become less likely, they have been seeing greater demand for longer term fixed rate products.

“An increasing number of borrowers are taking advantage of the current low interest rate environment to lock into a competitive deal and enjoy the security of fixing their monthly repayments for the longer term.

“While the low interest rate environment continues to make conditions challenging for savers, offset mortgages may be an attractive option for making your cash work harder for you and either bring down your monthly repayments or potentially shave years off the term of your mortgage, which could result in significant savings.”

LBS has removed the £199 booking fee from across its entire mortgage range for a limited time, as well as increasing the benefit of the free valuation offered as part of its fees assisted deals from £335 to £560, covering properties worth up to £500,000 (previously £200,000).

peter.walker@ft.com