Mortgages launched for ten-year fixed rates

Date:Thursday 19th February 2009
Author: Max Freedman

Leeds Building Society has launched a new ten-year, fixed-rate mortgage deal.

The offer allows borrowers to make capital repayments of ten per cent annually without incurring a penalty.

Director of sales and marketing, Kim Rebecchi, said that people could take the mortgage with them if they move house and said it enabled people to take long-term advantage of low repayments.

Available for up to 60 per cent loan-to-value (LTV), the mortgage carries a rate of 4.75 per cent and can be obtained through branches.

Last week, Leeds Building Society launched a mortgage product with a rate of 3.79 per cent.

The deal has a £499 fee and can be obtained even if customers do not make use of any other products or services with the society.

For those needing a LTV of 75 per cent, a deal is available at a rate of 4.29 per cent.

Ms Rebecchi predicted that the mortgage product will be much in demand.