Leeds launches 3.79% mortgage

Leeds has launched a one-year fixed rate mortgage at 3.79% reverting to Bank Base Rate plus 2.50%, currently 3.50%, for a further two years.

The product is available up to 60% LTV and also allows 10% capital repayments each year, without penalty, and there is no higher lending charge.

The fee is £499 in total and there is no requirement for customers to have any other products with the society.

Kim Rebecchi, director of sales and marketing at the society, says: “This product delivers an excellent combination of fixed and tracker rate features. Customers can lock in at only 3.79% for the first year and benefit from a Base Rate tracker for the remaining two years, which would reduce to only 3.50% based on today’s rate.

“We expect this product to be extremely popular, particularly with a fee of only £499, no requirement to take up any other products with the society and the additional flexibility of 10% capital repayments allowed each year, without penalty. I would urge customers to act quickly to avoid disappointment.”

Leeds Building Society has also launched a version of this highly competitive product that is available up to 75% LTV.

The rate is 4.29% reverting to Bank Base Rate plus 3.00%, currently 4.00%, for a further two years.

This version also allows 10% capital repayments each year, without penalty, and there is no higher lending charge. The booking and completion fee are £999 in total and there is no requirement for customers to have any other products with the society.