According to the firm, the ISA and TOISA have been specifically designed to offer the combination of an excellent tax-free return, with rates applicable to December 31, 2009, and the flexibility of access to a portion of the funds without notice or penalty.
Karen Wint, head of marketing and PR at Leeds, said: This account offers a competitive guaranteed rate of return over three years and access to 50% of the funds, without notice or penalty, at any time. The minimum investment is also only GBP1, making it available to all investors.
Leeds Building Society stated that ISA holders who have paid in the maximum GBP3,000 each year since the account’s launch in 1999, will have a capital balance of GBP24,000, plus any interest earned over this period, and that TOISA balances including interest could be as high as GBP13,000.
The new mortgage’s rate is fixed up to and including February 28, 2010. According to the company, it allows 10% capital repayments each year without penalty and is available up to 95% loan to value (LTV) with no higher lending charge up to 90% LTV.
Ms Wint said: Some customers who currently have discount or tracker mortgages may be concerned about what will happen to their monthly payments if interest rates continue to rise. This product protects them against any increases and provides excellent peace of mind.
The launch of these products closely follows Leeds Building Society’s launch of a two-year fixed-rate bond that guarantees to pay a competitive 5.66% AER until January 31, 2009.
