Rates refresh on Leeds’ five-year fixes

Leeds Building Society is refreshing its range of five-year fixed-rate mortgages at 80 per cent and 85 per cent LTV (loan to value).

From 17 October the Society will reduce its five-year fixed-rate mortgages:

• from 3.39 per cent to 3.34 per cent (up to 80 per cent LTV), and
• from 3.99 per cent to 3.79 per cent (up to 85 per cent LTV).

 The Society also will offer a competitive fee-assisted five-year fixed-rate mortgage up to 85 per cent LTV, reduced from 4.14 per cent to 3.99 per cent. This comes with a low £199 fee, free standard valuation up to £335 and fees assisted legal services for standard remortgages.

“With speculation growing about when the Base Rate will finally begin to rise again, we’re seeing steady interest in longer term fixed rate mortgages,” said Martin Richardson, Leeds Building Society’s general manager of business development.

“We expect these new five year deals to appeal to home buyers with a larger deposit or homeowners with at least 15 per cent equity in their property.

“Now could be an ideal time for borrowers to lock into a competitive deal – this time of year is traditionally peak season for remortgaging and it’s worth homeowners reviewing whether switching to a more competitive deal while rates are low could bring down their monthly repayments or shorten their mortgage term, and provide them with longer-term security of payment over the next five years.”