Leeds Building Society: 2.99% for new fixed mortgage

Thursday, 03 December 2009 12:00

Leeds Building Society is offering a fixed-rate mortgage at 2.99 per cent for one year, it announced today.

The product, which is available for loan-to-values (LTV) of up to 65 per cent, switches to a tracker mortgage for a year after the fixed-rate period expires.

Kim Rebecchi, director of sales and marketing for Leeds, explained: "Customers can lock in at only 2.99 per cent for the first year and benefit from a base rate tracker for the remaining year, which would reduce to only 3.49 per cent based on today's rate."

The tracker rate is 2.99 per cent above the Bank of England base rate.

There is a £199 fee, ten per cent capital repayments are allowed each year without penalty and there is no higher lending charge.

Leeds has also launched a version of the mortgage which tracks the base rate for a further two years. This comes with the same fee, repayment conditions and is also for LTVs of 65 per cent.

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