The product, which is currently 4.64 per cent, also allows 10 per cent capital repayments each year and there is no higher lending fee.
The UK's eighth largest society has successfully introduced a policy of offering two versions of its products, where customers can select a fee-free version or choose to pay fees in exchange for a lower rate. With the Society already offering a fee-free BRT mortgage at Bank of England base rate plus 0.44 per cent, this new mortgage compliments the existing range and enhances
customer choice.
Karen Wint, head of marketing & PR said: "Our policy of offering two versions of our products has proved extremely popular. The fee-free versions will appeal to customers with a smaller mortgage or who require help with fees. Where customers have a larger mortgage, then it will be beneficial to look for the version with the lowest rate and pay a fee.
"It is important that our customers take the right mortgage to suit their needs and offering a fee-free version of all our products ensures that, whatever the individual circumstances, customers get the right product."
Leeds Building Society has also launched a new shared ownership mortgage. The product has been designed specifically to help first time buyers and has a 1.50 per cent discount for three years, no higher lending charge and 100 per
cent of the borrowers share available. Customers looking to remortgage will also benefit from free in-house legal services.
