Leeds Building Society (LBS) has launched a 2-year base rate tracker mortgage, which it claims will be competitve in the immediacy and going forward.
The mortgage rate is 3.29 per cent and tracks the base rate plus 2.79 per cent until 31 October 2014. It is available up to 75 per cent loan-to-value.
LBS is the latest lender to announce new rates in the last couple of weeks. Nationwide and HSBC both announced changes last week, with financial expert uSwitch.com claiming that homeowners could be helped by the new rates.
Sales and marketing director at LBS Kim Rebecchi said: “This new mortgage offers very good value both immediately and going forward. With many market commentators predicting that Bank of England Base Rate will remain low for some time, this is an excellent rate.
“Furthermore, unlike some other trackers in the market, this mortgage does not have a collar. Therefore, if Bank of England Base Rate falls, borrowers will actually benefit immediately.
“Borrowers also have some flexibility as we allow 10% capital repayments each year, without penalty, and there is no higher lending charge. “
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