The products are available from today and include a two-year fix at 65 per cent loan to value (LTV) with a rate of 4.74 per cent. After the fixed rate period ends, the rate changes to a 0.75 per cent discount on the mutual’s standard variable rate (SVR) which is currently 6.49 per cent. This applies for three years.
The product has a £999 fee and comes with a free standard valuation. Free legals are available for remortgage.
There is a two-year fix at 90 per cent LTV with a rate of 5.29 per cent and a five-year fix at 65 per cent LTV with a rate of 4.39 per cent.
These products have a fee of £999, free valuation and free legals for remortgage. They also transition to a discount rate of a 0.75 per cent reduction from the mutual’s SVR for three years after the initial fixed rate period.
The mutual permits overpayments of 10 per cent of the capital each year on these fixed mortgages.
Leeds Building Society’s tracker launches include a two-year product which is the bank base rate plus 0.60 per cent at 65 per cent LTV, and at 75 per cent LTV the tracker is priced at 0.70 per cent above the base rate.
Like the fixed rate products, the tracker mortgages transition to a discount rate of 0.75 per cent of the mutual’s SVR for three years after the initial fixed period.
The products also have a fee of £999, free valuation and free legals for remortgage.
There is no limit on overpayments of the capital.
Matt Bartle (pictured), director of products at Leeds Building Society, said: “Money market rates have continued to soften over the past few weeks which is good news for hard pressed borrowers. We continue to see a strong demand from brokers and homeowners alike for competitively priced, shorter-term fixed rate and tracker products.
“By introducing these new products, we are giving homeowners competitively priced deals coupled with added flexibility should the general interest rate environment start to reduce.”
