This full payment of the procuration fee means that members will receive 0.34% on Leeds residential and buy-to-let mortgages. This offer will be in place for a limited time and as such intermediaries will be instructed when the offer will be coming to a close.
Included in this offer is the exclusive two-year buy-to-let discount with Leeds BS which was launched in March. The buy-to-let deal is a 1.75% two year discount converting to a rate of 4.24% and is available up to 70% LTV for remortgage and purchase customers. The £1,300 completion fee can be added to the loan provided the LTV does not exceed the 70% LTV once added and there is a booking fee of £199 along with a free standard valuation up to £335.
It has tapered early repayment charges of 3% in year one and 2% in year two of the amount redeemed and 10% capital repayments are allowed each year with no penalty. The maximum loan amount allowed for this product is £500,000.
The launch came on the back of an announcement by Leeds Building Society that it plans to increase its mortgage lending by 25% in 2011 to £1.25bn.
Commenting, Phil Whitehouse, head of TMA, said: “It’s great to see smaller lenders such as the Leeds Building Society approaching the current market with such a positive appetite to lend via a range of competitive deals.
“We have introduced this initiative to try to help TMA members make the most of current market conditions and from early feedback such an incentive has been welcomed.
“Despite some positive undertones coming back to the intermediary market it remains a tough place to do business. As such it’s vital that distribution partners continue to offer support in a variety of ways so that members and partners can get the most out of all mortgage related business.”
