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Leeds cuts cost of Welcome mortgages with 0% starting rate

Leeds Building Society has cut the rates on its range of Welcome Mortgages which have a 0 per cent starting rate for the first three months.

The products first launched in 2013 with the idea that borrowers would value having a few months without mortgage payments at a time when their finances might be stretched after moving home.

Rates across the range have been cut by up to 0.16 per cent.

The Welcome Mortgage range a includes a 2.64 per cent five-year fixed rate available up to 85 per cent loan-to-value and a 3.7 per cent five-year fixed rate up to 90 per cent LTV.

Added incentives include a free standard valuation and no product fee.

In February the lender launched a £1,000 cashback deal at 75 per cent LTV.

Leeds Building Society director of product and distribution Jaedon Green says: “It almost exactly five years since we launched the Welcome Mortgage and we’re delighted it’s been so well-received by borrowers.”

“We created Welcome Mortgage because moving home is a difficult process to budget for. The majority of people underestimate the costs involved.

“Welcome provides a breathing space of three months to help homebuyers navigate the challenges of moving home, whether coping with unexpected costs, emergency DIY or simply keeping finances under control, while they adjust to the running costs of the new home.”

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