| New mortgage products from Leeds Building Society |
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LONDON: Leeds Building Society has launched a new mortgage product that offers a straightforward 100 per cent loan to home buyers. It comes with a cashback of 1 per cent of the loan amount and there are no application or completion fees. An added incentive is a free valuation of the property up to 335 pounds.
The mortgage lender said the new product is aimed to help first time home buyers.
The interest rate is variable at 6.50 per cent and with no early repayment charges (other than repayment of the cashback during the first three years). Borrowers will have the facility to pay off the loan in full or part, at anytime.
A spokesperson for the society said the product will help people who really need it to buy their first home. It is easy to understand, gives excellent flexibility and assists with some of the expenses of moving into a new home, she added.
The Society has also introduced another product, a best-buy 10-year fixed rate mortgage at only 4.69 per cent of interest. It offers up to 80 per cent loan to value and there is no higher lending fee payable and 10 per cent capital repayments are allowed each year.
Earlier this year, the Society had introduced a scheme whereby applicants can avail of a 70 per cent loan without any income verification. It is now extending this service on a product specific basis, allowing applicants to obtain loans up to 75 per cent of the value at a two-year fixed rate of 4.95 per cent.
The scheme allows 10 per cent capital repayments every year. There is a 0.75 per cent completion fee, while there is a fee-free option with interest rate at 5.49 per cent. It will provide free legal services for remortgages and free valuation up to 335 pounds.
Posted
on : Mon, 21 Nov 2005 16:25 GMT | Mortgages News
By : Mark Richardson
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