First ever Leeds Building Society mortgage is a best buy!
2 September 2005
Leeds Building Society has launched its first ever mortgage product, which is a 2-year fixed rate offset best buy at only 4.69 per cent.

The market-leading product also allows 10 per cent capital repayments each year without penalty and there is no higher lending charge up to 90 per cent loan to value.

Leeds Building Society comes into being on 12 September when Leeds & Holbeck changes its name. However, the new offset mortgage has been made available early and compliments the current offset range.

Karen Wint, Head of Marketing & PR said, "This is the first Leeds Building Society mortgage and we are delighted to be able to offer a best buy offset. We actually change our name on 12 September but this new mortgage is available now, complimenting our existing range, which includes a lifetime tracker and 5-year fixed rate.

We have looked at this product carefully and delivered a market-leading product. Offsetting can save customers interest on their mortgage, enabling them to pay it off quicker and provide a much higher equivalent savings rate compared to a normal investment account. The savings are also kept in a separate account and customers have access to them at any time. A cheque book will be provided together with standing order, bill payment and balance transfer facilities.

This product keeps savings in a completely separate account so there is no need for a fundamental re-organisation of finances. The competitive mortgage rate, combined with the tax benefits offered on the savings accounts, will prove extremely popular with our customers. With the lifetime tracker offset, for example, savings earn an equivalent of 5.86% for basic rate tax payers and 7.82% for higher rate tax payers."

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