Leeds and SimplyBiz launch 1.95% three-year fix

Leeds Building Society and SimplyBiz Mortgages have launched a three-year fixed product at 1.95 per cent.

Loans, for both purchase and remortgages, are up to £500,000 and have a free standard valuation up to £999.

There are tapered early redemption charges of 4 per cent, 3 per cent and 2 per cent. Capital repayments are capped at 10 per cent a year.

There is a £999 arrangement fee and no booking charge.

SimplyBiz Mortgages chief executive Martin Reynolds says: “Post Brexit, longer term fixed rates are becoming more popular as people look to fix for stability. A three year fixed rate at sub-2 per cent is a fantastic rate, and with the added benefits offers flexibility that may be needed in the near future.

“We are sure our members will welcome this additional product option.”

Leeds Building Society product and distribution director Jaedon Green says: “We work very closely with SimplyBiz Mortgages and its members and this new exclusive is another example of how we can adapt to the changing market and offer clients new solutions.”