Leeds Building Society 3% cashback mortgage 'a unique product'

Date:Thursday 29th July 2010
Author: Max Freedman

The Leeds Building Society three per cent cashback mortgage has been hailed as a unique product by a representative from the firm.

Paul Kaye, general manager at the organisation, suggested the arrangement could prove very popular with consumers due to the excellent value it offers.

He explained that the Leeds Building Society three per cent cashback mortgage gives money back to the customer, which effectively cuts the interest rate to 4.69 per over three years for up to 80 per cent loan to value deals.

"The three per cent cashback provides excellent flexibility so borrowers can use the money to suit their circumstances, perhaps to reduce the amount of deposit required," said Mr Kaye.

There is a £199 booking fee and the mortgage interest rate is 5.69 per cent without taking into account the money given back.

Earlier this week, Leeds Building Society unveiled a new self-build arrangement at 6.19 per cent over two years.