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Leeds launches discount range from 1.60%

Written by: Samantha Partington

Leeds Building Society has cut the rates on its discount mortgage range by up to 0.75% while adding new products for borrowers confident that the Bank Base Rate will stay low for longer.

At 65% loan-to-value (LTV) borrowers can access a rate of 1.60% discounted for two years with an £800 fee. For those with a smaller deposit, two-year discount mortgages are available up to 90% and 95% LTV at 2.55% and 3.55% respectively. Both carry a fee of £500.

Borrowers looking for a fee-free option can choose a two-year discount product up to 65% LTV. The mortgage comes with a free valuation up to £560 and fees-assisted legal services for standard remortgages.

“While many borrowers are choosing fixed rate deals, the expectation that the Base Rate will stay at its historic low for some while longer might encourage more people to consider a variable rate mortgage,” said Martin Richardson, Leeds Building Society’s general manager – business development.

“In particular, I’d expect the low or no-fee options to be attractive to homeowners looking to minimise the costs of remortgaging to a better deal to bring down their monthly payments while rates remain low.”

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