Leeds Building Society has launched a new a 3.34 per cent deal fixed for five years aimed at remortgage customers wanting to take advantage of current competitive rates.
The new mortgage product is available up to 85 per cent loan-to-value (LTV) and has no product fee.
New data showed remortgage activity rose in July to the highest levels seen since November 2008, following relatively sluggish activity levels in late 2014 and early 2015.
“We’ve experienced strong and growing demand in the past couple of months from remortgagors who are taking the opportunity to switch to a better deal,” Martin Richardson, Leeds Building Society’s general manager for business development, said.
“With the Bank Base Rate potentially staying at its historic low for longer than recent speculation has indicated, a longer-term fix at a competitive rate is an attractive option for borrowers wanting security of payments for what’s likely to be their largest monthly outgoing.
“A remortgage to a competitive rate can bring down monthly repayments or even shave months or years off the total life of a mortgage, saving many thousands of pounds overall.
“This latest five year deal has no upfront fees, in line with the rest of our remortgage range, which also includes shorter fixed and variable rate products for borrowers wanting greater flexibility.”
In addition to being fee-free, the deal includes a free valuation, for properties worth up to £500,000, and fees assisted legal services.
