The difficulties first time buyers encounter trying to get a foot on the property ladder are regularly reported on. To assist these borrowers, Leeds Building Society has added to its range of 100% mortgage products with a new straightforward 100% loan. It comes with a cashback of 1% of the loan amount, there are no application or completion fees and there is also the added incentive of a free valuation up to £335.
The interest rate is variable at 6.50% and with no early repayment charges (other than repayment of the cashback during the first three years), borrowers can pay off the loan - in full or part - at anytime.
Karen Wint, Head of Marketing & PR, said "This is a really simple product, enhanced with a cashback, which will help some people - who really need it - buy their first home. It is easy to understand, gives excellent flexibility and assists with some of the expenses of moving into a new home. The mortgage is available through any of our branches, our Call Centre or through our mortgage intermediaries."
