New 1-year fixed rate mortgage from Leeds Building Society

Date:Friday 4th December 2009
Author: Susanna Kavka

A one-year fixed-rate mortgage has been made available by Leeds Building Society.

The market-leading product has been released with a rate of just 2.99 per cent for mortgages of up to 65 per cent loan-to-value.

Capital repayments at ten per cent a year are permitted without incurring additional charges, with no higher lending fees.

After the first year, the mortgage then continues at the Bank of England base rate plus 2.99 per cent. At present, the figure stands at 3.49 per cent.

Kim Rebecchi, director of sales and marketing with the building society, said the product has the excellent features of combining fixed and tracker rates to product holders.

"Customers can lock in at only 2.99 per cent for the first year and benefit from a base rate tracker for the remaining year, which would reduce to only 3.49 per cent based on today's rate," she added.

For customers who would prefer a fixed-rate deal, Yorkshire Building Society also offers a five-year fixed-rate mortgage with a rate of 4.99 per cent.