The new product is available to a maximum of 90% loan to value with a 10% capital repayments allowance each year, without penalty. Furthermore, the mortgage has no higher lending fee.
Karen Wint, head of marketing & PR for Leeds Building Society, said: With the recent rise in market rates and the widely predicted further increase in bank base rate, possibly as early as next month, many borrowers will be looking for ways to protect themselves against any increase and lock in long term value. At just over 5.50% with a fixed fee, rather than some of the higher percentage-based fees, this product provides certainty at an affordable rate.
The 10-year fixed is fully portable, so if customers do wish to move during the term, they can take this product with them. Furthermore, there is a fee-free version available for customers looking to minimize upfront costs.
