Leeds Building Society launches new 2-year fixed rate mortgage

Leeds Building Society has launched a new 2-year fixed rate mortgage at only 4.99%, with no higher lending charge and unlimited capital repayments, at any time, without penalty.

Karen Wint, Head of Marketing & PR said, "With the Bank of England’s decision to increase Base Rate by 0.25% earlier this month, pushing the rate up to 5.75%, a sub 5% fixed rate product will be extremely attractive to many borrowers. Furthermore, with commentators predicting at least one further rise later this year and market rates well over 6.00%, borrowers currently on a variable rate mortgage look almost certain to be hit with another increase in their monthly mortgage payment.

"With this in mind we have launched this excellent 2-year fixed at only 4.99%, offering complete peace of mind and full protection against any rate increase. The completion fee is 3.25% of the loan amount and can be added to the mortgage, so the customer has no up front fees to find, which is ideal for those who are seeking to minimise their repayments for a short period in a rising rate environment.

"There is also no higher lending charge and unlimited capital repayments are allowed without penalty, which provides excellent flexibility."