Cashback mortgage unveiled by Leeds

Leeds Building Society has announced it has launched a three per cent cashback mortgage.

The product is available at up to 80 per cent loan-to-value and includes no higher lending charge, while an early repayment fee only applies for three years.

General manager at the organisation Paul Kaye described the offer as unique and innovative and one attractive to those wanting to minimise upfront costs.

The industry figure explained: "The three per cent cashback provides excellent flexibility so borrowers can use the money to suit their circumstances."

It is a fully portable mortgage, so customers can take it with them if they move home, he added.