Leeds Building Society has launched a brace of flexible mortgages to help borrowers looking for ways to make their payments more manageable.
Called the Flexit mortgages, the two fixed-rate mortgages will allow borrowers to make unlimited overpayments on the two- and five-year fixed rate deals.
The Flexit mortgages also have no early repayment charges, and are available for less than 2 per cent interest. According to Leeds Building Society, the two mortgages are available up to 75 per cent loan-to-value, and have £999 fees.
The 1.71 per cent, two-year fixed rate Flexit mortgage comes with free standard valuation and fees assisted legal services for standard remortgage.
The 1.97 per cent, five-year fixed rate Flexit mortgage comes with free standard valuation.
Matt Bartle, director of products at Leeds Building Society, said: “Our new Flexit mortgages provide borrowers with increased flexibility as they have no ERCs and the option to make unlimited overpayments, which are usually capped at 10 per cent capital repayments a year."
According to Mr Bartle, there is demand for these products following the insight and feedback the building society has gathered from borrowers and its broker partners.
He added: "Ongoing economic uncertainty is likely to mean borrowers will be seeking flexibility and these products enable them to keep their options open should their circumstances change.
"Increased flexibility is particularly important for those looking to secure their monthly payments, while retaining the ability to make significant overpayments."
Andrew Montlake, brand director at mortgage broker Coreco, said: "It is good to see another lender come out with fixed-rate products that have no ERCs, as there are clients who want the certainty of a fixed rate but do not want to be tied in with onerous penalties.
"It is important to have choice in the market and whilst many borrowers are swayed by the cheapest products, there are many who need or want more flexibility."