A second best
buy mortgage has been launched by Leeds Building Society.
In addition to its first ever mortgage, the two-year fixed
mortgage rate offset mortgage, a unique mortgage is now available.
The new mortgage offers a unique combination of a capped base rate tracker, ensuring that the mortgage rate will not exceed 4.75 per cent.
The new mortgage is available at a
loan to value maximum of 75 per cent, on a minimum loan amount of £100,000. Free
mortgage payment protection is included for six months.
According to the mortgage lender's product development manager Stuart Fearn, this second market leading mortgage product offers outstanding value by giving customers the best of both worlds.
"They will benefit from any reductions in base rate as this is a tracker mortgage and these will be passed on immediately," Mr Fearn pointed out.
He added that because the mortgage rate is capped at 4.75 per cent, mortgage holders will be able to budget effectively.
"We expect this unique combination to be extremely popular," Mr Fearn concluded.
The new capped tracker mortgage is available immediately, even though Leeds Building Society only officially comes into being on September 12th, when Leeds &Holbeck changes its name.
