The product will allow customers to have the same rate for 5 or 10 years, there is no higher lending charge (HLC) and 10% capital repayments are allowed each year without penalty. In addition, the products are fully portable, so customers can even take the product with them if they move home and there is also a fee free version for customers who require help with fees.
Karen Wint, head of marketing and public relations at Leed BS, said: "With some market commentators predicting a rise in bank base early next year, the ability to fix below the current rate of 5% offers outstanding value. Both the 5 and 10 year mortgages provide long term peace of mind and the flexibility to make 10% capital repayments, without penalty. Even if customers move home, customers can take the product with them without penalty and retain complete peace of mind.
