New mortgage launched by Leeds Building Society

Date:Wednesday 31st March 2010
Author: Susanna Kavka

A new market-leading mortgage has been introduced by Leeds Building Society, with a rate of 4.59 per cent interest.

The five-year fixed-rate product is available to consumers with no higher lending fee and allows holders to make ten per cent capital repayments each year without receiving a charge.

Having a fixed term on a loan will allow consumers to plan ahead and budget what their payments will be in the coming years, as well as offering them some security and peace of mind, according to the institution.

Martin Richardson, general manager of marketing and business development with the building society, said: "At a time of historically low interest rates, an increasing number of borrowers are looking to secure fixed rates to protect their monthly payments and lock in to low repayments."

Earlier in the month the institution also released a three-year fixed-rate product that has an interest rate of 4.25 per cent.