Leeds Building Society has launched a range of fixed-rate mortgages which do not charge a product fee.
In addition, the new products come with cashback of up to £1,000 to help borrowers with some of the additional costs associated with buying a property, such as decorating or furnishing the property.
The new deals include:
- A two-year fixed rate at 1.88% with £500 cashback available up to 60% loan-to-value
- A two-year fixed rate at 1.94% with £500 cashback available up to 75% loan-to-value
- A five-year fixed rate at 2.19% with £1,000 cashback available up to 60% loan-to-value
- A five-year fixed rate at 2.24% with £1,000 cashback available up to 75% loan-to-value
Not only do the deals not have a product fee, but they also come with free standard valuation.
Jaedon Green, director of product and distribution at the mutual, said that the majority of mortgage borrowers prefer fixed rate deals, as they offer certainty over repayments.
He continued: “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.”
