Leeds’ loan has the facility to redeem up to 10% of the capital each year, without penalty; furthermore, there is no higher lending charge and the mortgage is fully portable.
Kim Rebecchi, sales and marketing director said, "There is no doubt that interest rates cannot stay this low forever. In fact, Andrew Sentance voted for an increase to Bank Base Rate of 0.25% at the last MPC meeting, which is the first vote in favour of a rise for many months.
"This best buy product is a fantastic opportunity for those borrowers who wish to take away any uncertainty, on what is usually a household's biggest monthly outgoing, and lock into low fixed repayments. It provides customers with peace of mind and the security that their monthly payments will remain the same for three years, at a very affordable rate, combined with the flexibility of 10% capital repayments each year.
"Furthermore, the mortgage is also fully portable, so should customers wish to move home, they can take this excellent product with them without penalty."
The rate of 3.75% is available up to 75% LTV. There is also a version available at 4.50% between 76% and 80% LTV, which offers exactly the same flexibility.
Kim added, "Many customers will welcome the ability to budget and limit their monthly outgoings, particularly existing homeowners who may be coming to the end of their current deal."
