Leeds launches base rate tracker

Leeds has launched a base rate tracker mortgage at 0.14% above Bank of England base rate.

The product, currently 4.64%, also allows 10% capital repayments each year and there are no higher lending fee.

The society has introduced a policy of offering two versions of its products, where customers can select a fee-free version or choose to pay fees in exchange for a lower rate.

Karen Wint, head of marketing and PR, says: “Our policy of offering two versions of products has proved extremely popular. The fee-free versions will appeal to customers with a smaller mortgage or who require help with fees. Where customers have a larger mortgage, then it will be beneficial to look for the version with the lowest rate and pay a fee.

“It is important that customers take the right mortgage to suit their needs and offering a fee-free version of all our products ensures that, whatever the individual circumstances, customers get the right product.”

Leeds has also launched a shared ownership mortgage, designed specifically to help first-time buyers. It has a 1.50% discount for three years, no higher lending charge and 100% of the borrowers share available. Customers looking to remortgage will also benefit from free inhouse legal services.