Mortgages - Leeds launches 5-year fix

Leeds Building Society has launched a 5-year fixed rate mortgage - the deal running through December 31st 2011, charging 4.99% and allowing capital repayments of up to 10% each year without penalty. In addition, the Society has launched a fee free version at 5.49%.

Maximum LTV is 90% and with no higher lending charge. However, a £595 completion fee is in force up to £500,000; by negotiation for £500,000.

Also in force are tapered early repayment charges of 5% of the amount redeemed in years 1-2, 4% in year 3, 3% in year 4 and 2% in year 5.

The headline rate includes a 0.24% discount for taking out the Society's Home Cover insurance - required until December 31st 2011. If home cover is not taken at any time the 0.24% discount will not apply.

The fee free version meanwhile will be charging 5.49%. Maximum LTV is 90% and with no higher lending charge or completion fee in operation. However, the same tapered early repayment charges will be in force as with the 4.99% deal.

Borrowers will be eligible for free valuation up to £335 as well as free in-house legal services for re-mortgages. And 10% capital repayments are permitted each year without penalty

Like the 4.99% offer the rate includes a 0.24% discount for taking the Society's Home Cover insurance.

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2006-09-28 10:21:14 © Moneyextra.com