Leeds has revamped its residential fixed rate mortgage range to offer more choice for those looking to remortgage.
The lender is offering fees assisted five-year fixes at 1.94 per cent up to 65 per cent loan-to-value (LTV) and 2.04 per cent up to 80 per cent LTV.
Both deals come with fees-assisted legals and free standard valuation on properties worth up to £1m, along with a £999 completion fee.
Penalty-free capital repayments of up to 10 per cent are permitted each year, while early repayment charges are 5 per cent in the first two years and decline by 1 percentage point in each subsequent year.
Borrowers can also opt for a two-year fixed rate mortgage at 2.79 per cent up to 90 per cent LTV, which comes with £500 cashback.
The loan is fee-free and comes with free standard valuation on properties worth up to £1m.
According to CACI’s Mortgage Market Database, £35bn-worth of mortgages are due to mature in September and October.
A number of lenders have been enhancing their remortgage range to attract customers looking to lock into a new deal, with five-year fixes proving popular as borrowers look to guard against a potential rise in interest rates.
Matt Bartle, Leeds Building Society’s head of product and pricing, said: “Fixed rates remain the most popular choice and a longer-term deal for five years enables borrowers to lock in and take advantage of the current historically low rates.
“Leeds Building Society’s mortgage range offers deals with different combinations of fees, incentives and cashback so borrowers can choose the product which best suits their individual circumstances.”
Tom Oliver, IFA at Newcastle-based Lamb and Associates, said: “That sounds pretty good to me, and the fees assist is a big incentive. Going for a five-year fix makes a lot of sense at the moment.
"Most clients coming out of products are going on to fairly high variable rates, and 1.94 per cent is good for clients that have decent levels of equity in their properties.”
simon.allin@ft.com
