Leeds Building Society has today launched ‘Welcome Mortgages’, a new range of mortgages that offer purchasers a combination of flexibility and certainty over a 3 or 5-year term.
The new Welcome Mortgages, available up to 90% loan-to-value (LTV), provide a welcome innovation in the mortgage market by offering customers the option of paying 0% on the first 3 or 6 months of their mortgage, with the remaining monthly payments at a fixed rate for up to 3 or 5 years.
Furthermore, the total cost of these Welcome products is comparable with the standard fixed rate mortgages offered by the Society. There is no completion fee, a free standard valuation is available up to £335 and 10% capital repayments are allowed each year without penalty.
Kim Rebecchi, Leeds Building Society’s Sales and Marketing Director comments:
“The cost of buying a home is not limited to finding a deposit and being able to pay the mortgage. Stamp duty, solicitor’s fees and searches all have to be budgeted for.
“We also know that when people buy a new home, they want to make changes and put their own personal mark on it, and that is why we have launched the unique Welcome Mortgage. Customers can choose a 0% interest rate period and pay capital only, for either 3 or 6 months.
“This reduces their outgoings immediately after they move in and gives borrowers the opportunity to decorate, make improvements or buy furniture for their new home. They then pay a fixed monthly payment for the remainder of the product period at a competitive and affordable rate, creating flexibility and certainty at the same time.”
The 3-year fixed rate version starts from only 3.79%, with 3 months at 0%, and the 5-year fixed rate at only 4.23%. Both these products are at broadly the same cost to the borrower when compared to the standard 3 and 5-year fixed rate version at 3.45% and 3.99% respectively.
Contact Integrity IFA for free independent whole of market mortgage advice in Edinburgh and the Lothian’s our visit our website to use our free mortgage source and calculator.
