The Leeds has added to its range of 100% mortgage products with an 100% loan that aims to help first-time buyers get a foot on the property ladder.
The product comes with a cashback of 1% of the loan amount, no application or completion fees and a free valuation up to 335.
The interest rate is variable at 6.50% and with no early repayment charges (other than repayment of the cashback during the first three years) and borrowers can pay off the loan – in full or part – at anytime.
Karen Wint, head of marketing and PR at Leeds, says: “This is a really simple product, enhanced with a cashback, which will help some people – who really need it – buy their first home. It is easy to understand, gives excellent flexibility and assists with some of the expenses of moving into a new home. The mortgage is available through any of our branches, our call centre or through our mortgage intermediaries.”