Leeds launches large loan lifetime tracker

Leeds Building Society has launched a new lifetime tracker mortgage specifically designed to cater for customers who require a mortgage in excess of £500,000.

The product, which tracks base rate plus 0.75%, is available up to 80% loan to value and allows unlimited capital repayments at any time. Furthermore, the completion fee is fixed at only £999.

Karen Wint, Head of Marketing & PR said, "We appreciate that some loans of this size fall outside of normal underwriting criteria and, therefore, we will look at each application on an individual basis. This product offers customers looking for a large mortgage a number of flexible features and relatively low set up costs.

"With unlimited capital repayments allowed at any time, customers who receive large annual bonuses have the opportunity to reduce the mortgage at any time without penalty. There is also no higher lending charge and a fixed completion fee of only £999, irrespective of the size of the advance. This is extremely attractive when compared to products that have a completion fee as a percentage of the size of the loan."