Expectations of lower rates in the future have re-emerged following the issue of the Bank of England’s quarterly inflation report.
This resulted in falls in money market rates yesterday. Taking advantage of this reversal, the Leeds has launched a best-buy 10-year fixed rate mortgage at only 4.69% for sale via its intermediary network. The product is available up to 80% LTV and there is no higher lending fee payable. It also includes the flexibility of a 10% capital repayments allowance each year. There is no application fee but there is a completion fee of 1% of the loan amount.
Karen Wint, head of marketing & PR at the Leeds, says: “This 10-year fixed rate offers outstanding value, with certainty of payments and the flexibility to pay 10%of the balance without penalty. The last 10-year mortgage we offered outsold our expectations.
It is clear that borrowers want to lock in good value when rates are low enough and this is another ideal opportunity. We know this will be popular as many customers like the peace of mind offered by this type of product. In view of our experience last time, I would urge customers to act quickly to avoid disappointment.”