Leeds launches two five-year fixes through Paradigm

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Leeds Building Society is launching two exclusive five-year fixed-rate loans through Paradigm Mortgage Services.

The first is at 2.25 per cent at 60 per cent LTV, and the second is at 2.45 per cent at 75 per cent LTV.

Each has a free standard valuation, fees-assisted legals for standard remortgages and an arrangement fee of £1,499.

The maximum loan available is £1.25m up to 65 per cent LTV and £1m up to 75 per cent LTV.

Paradigm members can access the products from today.

Both products can also be taken as interest-only part and part.

For 60 per cent LTV this could mean the client opting for 35 per cent interest-only/25 per cent repayment.

At up to 75 per cent LTV the combination of interest-only and repayment is the client’s choice but the interest-only element cannot exceed 60 per cent LTV.

Leeds believe the interest-only part and part option will suit customers such as interest-only borrowers, endowment shortfall borrowers and asset rich customers wanting to make more of their current investments.

All interest-only applicants must have a repayment strategy, which can include the use of equity after selling the house.

Paradigm Mortgage Services head John Coffield says: “With these products, Leeds Building Society is looking after a relatively under-served part of the market and ensuring the ongoing rehabilitation of interest-only mortgages for suitable borrowers continues.

“We are sure our Paradigm member firms will see great value in these exclusives and we look forward to working with the society on these and other product opportunities.”

Leeds Building Society director of product and distribution Jaedon Green says: “We’ve made these changes to help more borrowers who are not well-served by the wider market as we respond to borrowers’ and intermediaries’ feedback innovatively and responsibly.”