Leeds
Building Society has launched a new ten-year
fixed-rate mortgage deal.
The
mortgage has a rate of 4.99 per cent for the first ten years, which the
company describes as "outstanding value".
Other features of the mortgage are no
higher lending charge for up to 90 per cent of the
property's value and allowing capital
repayments of ten per cent each year without penalty.
There is also no completion fee, a free valuation up to £335 and to 95 per cent
loan-to-value, although the
mortgage deal is only available direct and online, not through intermediaries.
Stuart Fearn,
product development manager at
Leeds, said, "We have created this product with a fee free option to ensure that customers with smaller
deposits and/or less
funds available for fees can still benefit from certainty of
payments over a longer period.
"It is clear that customers want to lock in good value when
rates are low enough and this is another ideal opportunity. We know this will be popular as many customers like the certainty of payment offered by this type of product and I would urge customers to act quickly to avoid disappointment."
Although
fixed-rate mortgages may be suitable for
buyers who wish to have
security, recent research from
Moneysupermarket states that
tracker mortgages still offer good value over the long-term.
