Leeds Building Society cuts up to 0.50% off fixed rate mortgages

Leeds Building Society is cutting the rates on its 2 year fixed rate mortgages in its new range, on both fee-paying and fee-free options.

The new range is available from Friday 22nd August. A 2-year fixed rate deal has been cut from 5.75% to 5.25%.

There are also new 3-year fixed rate options available, beginning at 5.99% at 80% LTV, rising to 6.49% up to 90% LTV. There is a £999 completion fee up to £500,000, and over £500,000 the fee will be 1% of the loan amount. The new suite of 3-year products provide customers with a choice between a smaller fee, or larger fee options for those who wish to keep payments low.

There is no higher lending charge on any of the new 2 or 3-year products. A number of the deals also provide a free valuation up to £335 and allow 10% capital repayments each year, without penalty. All fee-free versions also benefit from free in-house legal services for remortgages and no higher lending charge. The products are also fully portable, so if customers do wish to move during the term they can take the mortgage with them.

Karen Wint, General Manager Marketing & Customer Services said, "We have cut rates across our fixed rate mortgage range and this new suite of products deliver outstanding value to both new and existing customers.

"There are currently many reports in the media saying the best mortgage deals are only available to those with large deposits, however we are offering very competitive deals to those with only a 10% deposit.

"We recognise that many people are struggling in the current financial climate with large increases in the cost of living. Many borrowers like the ability to budget through fixed monthly payments. The cuts to our fixed rate mortgage range will minimise the payment shock for a sizeable proportion of borrowers and reduce monthly outgoings for many more. This will provide peace of mind at an affordable rate."

For more information visit leedsbuildingsociety.co.uk