Leeds launches long-term fixed-rate mortgage

The Leeds Building Society has announced the launch of a ten-year fixed-rate mortgage with a rate of 4.99 per cent until September 30th 2016 and availability up to 95 per cent loan-to-value (LTV).

No higher lending charges are set on the mortgage up to 90 per cent LTV and ten per cent capital repayments are allowed every year without penalty.

There is a completion fee of £599 on the mortgage for values up to £500,000 and for amounts over this fees will be by negotiation only.

Early repayment charges will also be set on this offer, ranging from six per cent of the amount redeemed in the first year to two per cent in the final year.

Stuart Fearn, product development manager at Leeds, said: “It is clear 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.”

There is also a fee-free version of this package available, with a rate of 5.49 per cent, which Leeds claims is intended to offer a long-term fixed-rate to customers who may not have the funds available to pay completion charges.