New fee-free mortgage from Leeds Building Society

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New fee-free mortgage from Leeds Building Society

Leeds Building Society has launched a new three-year, fee-free mortgage.

It includes free valuation and legal services for remortgaging, no higher lending charge and ten per cent capital repayments each year without penalty.

Karen Wint of Leeds Building Society, said: "We know that many borrowers like the ability to budget through fixed monthly payments and large numbers of mortgage customers will be coming off existing fixed-rate deals in 2008."

Meanwhile, the Council of Mortgage Lenders (CML) has said that the mortgage market remained "subdued" in June.

It said most lenders are still "conservative" in their terms, with the average first-time buyer borrowing 3.33 times their income, down from 3.35 in May.

Gross lending fell slightly to £23.6 billion in June, down four per cent from May and 32 per cent lower than in June 2007.

Bob Pannell, head of research at CML, said that lending "remains relatively weak and will decline further in the coming months as a result of funding constraints and lower consumer demand".

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