Leeds Fee-Free Three-Year Fixed-Rate Offset mortgage launched

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Leeds Fee-Free Three-Year Fixed-Rate Offset mortgage launched

Fri 24th Mar 2006

A Leeds Fee-Free Three-Year Fixed-Rate Offset mortgage has been unveiled today, with the lender stating that it offers the benefit of a set interest rate combined with the ability to offset their loan.

The package has a fixed rate of 5.69 per cent until April 30th 2008, does not have a higher lending charge up to 90 per cent loan to value (LTV) and is available up to 95 per cent LTV.

According to Leeds, offsetting with a savings account can save borrowers interest on their mortgage, enable them to pay it off quicker and offer a higher return on their savings than a normal investment account.

Customers' savings will be kept in a separate account where they will be able to access them at any time.

A chequebook will also be provided along with standing order, bill payment and balance transfer facilities.

Stuart Fearn, product development manager with Leeds, said: "The product is fee free and the competitive rate, combined with the tax benefits offered on the savings accounts, will prove extremely popular with our customers."

The Leeds Fee-Free Three-Year Fixed-Rate Offset mortgage offers free valuation up to £335, does not have a completion fee and allows ten per cent capital repayments each year without penalty.

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