Leeds BS launches fee-free mortgages with £1k cashback
A new range of fixed rate mortgages has been launched by Leeds Building Society – and they come with two incentives to tempt borrowers to switch.
The deals come with no product fees as well as cashback of up to £1,000.
The lender said it launched the new mortgages after talking to brokers about what their clients wanted. This new range is the result of that feedback.
What’s the deal?
The range includes a 1.88% two-year fixed rate mortgage with £500 cashback, available up to 60% loan-to-value. For borrowers with 25% upfront, the rate rises to 1.94% with the same £500 cashback.
There are also two five-year fixed rate deals on offer with £1,000 cashback, no product fee and a free standard valuation.
Borrowers with 40% upfront pay 2.19% fixed for five years, while those borrowing up to 75% of the property’s value pay 2.24%.
“The majority of borrowers choose fixed rates, which offer certainty over repayments,” said Jaedon Green, Leeds Building Society’s director of product and distribution.
“Mark Carney’s hints last week that the Base Rate is likely to increase sooner and more quickly than previously forecast may prompt homeowners to review their existing mortgage.
“While the latest additions to our fixed rate range are available for purchase and remortgage, the fact they come with cashback and no product fee is an extra incentive for remortgagors looking to switch and fix while rates remain low, while cashback will help reduce the impact of unexpected costs experienced by most home movers.”
The new fee-free cashback deals are on offer until 31st March.