Leeds & Holbeck has launched a capped base rate tracker.
The mortgage offers a combination of a capped base rate tracker, with the cap ensuring the maximum rate payable is 4.75%.
Leeds comes into being on September 12, when Leeds & Holbeck changes its name, however, the new capped tracker mortgage is available immediately. The current fee free base rate tracker mortgages will continue to be available.
Product Features include, base rate tracker plus 0.25% and capped at 4.75%. Base rate tracker plus 0.25 %, currently 4.75%, until December 1, 2008, capped at 4.75%, available up to 75%, with no higher lending charge, and a minimum loan amount of 100,000.
It is also fully portable if borrowers move during the fixed rate period, with free mortgage payment protection for six months, tapered early repayment charges of 4% of the amount redeemed in year, 1, 3% in year two and 2% in year three, with a 695 completion fee.
Jeff Kirk, corporate relationship manager, says: “This is the second best buy mortgage from Leeds, which makes it two out of two market leading products.
“It offers outstanding value giving customers the best of both worlds. They will benefit from any reductions in base rate as this is a tracker mortgage and these will be passed on immediately. They also know that the rate can never exceed 4.75%, so they can budget effectively. We expect this unique combination to be extremely popular.”