Leeds Building Society has amended the rates on selected mortgages, reducing the rate on its three-year fixed rate product by 0.05%. This has earned it a place among the market-leaders in the Moneyfacts charts.
This three-year fixed rate mortgage has a competitive rate of 3.24% until 31.12.17 at a loan-to-value of 80%. A low fee of just £199 is payable.
After the three-year term has expired, the rate will revert to an Existing Borrowers Rate of 5.69%.
The mortgage is available to first-time buyers, second-time buyers and remortgagors. An incentive package of free valuation (up to £335) and a £1,000 rebate upon completion is available to all applicants. Those looking to remortgage will also benefit from free legal fees.
Overpayments of up to 10% of the outstanding balance are allowed per year, which offers borrowers some welcome flexibility. There is also the option to withdraw lump sums, although this is subject to approval.
Although lower rates are available in this sector, the low fee and £1,000 rebate outweigh the difference and are sure to reel in borrowers who are looking to keep initial costs down. The other incentives sweeten the deal and ensure that this mortgage merits its place in the Moneyfacts best buys.
The highest accolade of five Moneyfacts Stars has been awarded.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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