Leeds Building Society 3% cashback mortgage

Leeds Building Society has launched a unique 3% cashback mortgage that is available up to 80% loan to value (LTV) throughout the UK.

Furthermore, there is no higher lending charge and, unlike some other cashback mortgages, an early repayment charge only applies for three years.

Paul Kaye, General Manager at Leeds Building Society said, "This is a unique and innovative product, which will be attractive to customers looking to minimise up front costs. The 3% cashback provides excellent flexibility so borrowers can use the money to suit their circumstances, perhaps to reduce the amount of deposit required, pay legal expenses or pay for household furnishings and improvements, all of which can be barriers to home ownership.

"There is no doubt that this mortgage will be popular with customers who require up to 80% LTV. Not only does the cashback provide borrowers with funds to use as they wish, it effectively reduces the interest rate to 4.69% over the three years during which an early repayment charge would apply, meaning excellent value for a product with this level of flexibility.

"Furthermore, the mortgage is also fully portable, so should customers wish to move home, they can take this excellent product with them without penalty."