Mortgage product unveiled by Leeds Building Society

A two-year discount mortgage that offers an interest rate of 2.54 per cent has been launched by Leeds Building Society.

The deal is available on products up to a loan-to-value ratio of 70 per cent, comes with no higher lending charge and allows customers to pay off ten per cent in capital repayments annually.

"We expect this [mortgage] to be popular due to the combination of both a low interest rate and a flat completion fee," said Martin Richardson, general manager of marketing and business development at the financial institution.

He noted that the low rate of interest will appeal to those who have larger loans as it will have an impact on their monthly mortgage repayments.

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