Leeds Building Society has increased the maximum LTV on its “welcome mortgage”, which has a 0 per cent rate for the first three months, to 95 per cent and is offering it exclusively through SimplyBiz Mortgages.
The two-year fixed rate, which was initially only available to 80 per cent LTV, reverts to a rate of 4.99 per cent after three months.
There is a £600 completion fee and a £199 booking fee, while a free standard valuation of up to £335 is included.
SimplyBiz Mortgages chief executive Martin Reynolds says: “The initial launch of the ‘Welcome’ product was well received by both our members and the market. By extending the product to 95 per cent LTV, we believe that it will open up greater opportunities for our members and their clients.
“The first few months following a house move can be costly and this product will help with that as well as providing an attractive rate following the initial three month period.”
Leeds head of intermediary sales Phil Coombes says: “We have introduced a number of new schemes and enhancements to existing criteria during the summer months. This new enhancement to our core ‘welcome’ product via SimplyBiz Mortgages is the next step. We will continue to work with them to provide more opportunities and greater benefits for their members.”