Leeds Building Society launch new 3-year fixed rate mortgage

Leeds Building Society has launched a new 3-year fixed rate mortgage at only 5.69%, with no higher lending charge and 10% capital repayments are allowed each year, 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 3-year fixed at 5.69% 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 3-year fixed, offering complete peace of mind and full protection against any rate increase. The completion fee is 2.00% of the loan amount and can be added to the mortgage. We have also launched a fee free version for customers who require help with other costs including completion fee, valuation fee and legal fees on remortgages.

"There is also no higher lending charge and 10% capital repayments are allowed each year without penalty, which provides excellent flexibility."