Leeds refreshes 5-year range

From Friday the Society will reduce its 5-year fixed rate mortgages from 3.39% to 3.34% up to 80% LTV and from 3.99% to 3.79% up to 85% LTV.

The Society also will offer a competitive fee assisted five year fixed rate mortgage up to 85% LTV, reduced from 4.14% to 3.99%.

This comes with a low £199 fee, free standard valuation up to £335 and fees assisted legal services for standard remortgages.

Martin Richardson, Leeds Building Society’s general manager – business development, said: “With speculation growing about when the Base Rate will finally begin to rise again, we’re seeing steady interest in longer term fixed rate mortgages.

“We expect these new five year deals to appeal to home buyers with a larger deposit or homeowners with at least 15% equity in their property.

“Now could be an ideal time for borrowers to lock into a competitive deal – this time of year is traditionally peak season for remortgaging and it’s worth homeowners reviewing whether switching to a more competitive deal while rates are low could bring down their monthly repayments or shorten their mortgage term, and provide them with longer-term security of payment over the next five years.”