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Leeds BS launches cashback interest-only mortgages

by: Owain Thomas
  • 07/02/2017
  • 0
Leeds BS launches cashback interest-only mortgages
Leeds Building Society has unveiled two interest-only mortgages featuring £1,000 cashback.

Both are two-year fixed rate products with a free valuation, with fees assisted legal services for standard remortgages and a £1,499 completion fee.

The deals are:

2.09% interest only available up to 60% LTV (loan to value); and

2.24% interest only part and part available up to 75% LTV.

Leeds Building Society director of product and distribution Jaedon Green said the interest-only market was becoming more open with a growing range of options for borrowers.

“Activity last year suggests borrowers with interest only and part and part mortgages are more likely to remortgage, compared to capital and interest borrowers, and we’d expect even more of these homeowners to take advantage of current low rates and switch to a better deal,” he said.

“Part and part mortgages offer more flexibility for borrowers to reduce their mortgage debt in a manageable way, such as when they have an endowment shortfall, without the payment shock of switching to a full repayment mortgage.”

He added that the building society would continue to focus on the interest only and part and part market.

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