Leeds launches two interest-only loans with £1,000 cashback

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Leeds Building Society has launched two interest-only mortgages with £1,000 cashback.

Both are two-year fixed rate mortgages and have free valuations, as well as fees-assisted legal services for standard remortgages.

One is a 2.09 per cent loan up to 60 per cent LTV and the other is 2.24 per cent interest-only part and part, available up to 75 per cent LTV.

Leeds Building Society director of product and distribution Jaedon Green says: “More choice is returning to the interest only market and these new products with incentives complement our existing range.

“Activity last year suggests borrowers with interest only and part and part mortgages are more likely to remortgage, compared to capital and interest borrowers, and we’d expect even more of these homeowners to take advantage of current low rates and switch to a better deal.”