Your mortgage terms and conditions, along with your mortgage illustration, explain how Leeds Building Society may vary the interest rate on your loan. These changes depend on the type of mortgage you’ve chosen, which could include:
Fixed rate mortgages
Your interest rate will stay the same during the fixed rate period of your mortgage. After this time, unless you take out another mortgage product, a variable interest rate will apply for the rest of your mortgage term. This will be linked to either the Society’s Standard Variable Rate (SVR) or if you let the property, our Buy to Let Variable Rate (BTLVR).
Discounted mortgages
Some mortgages offer a discounted variable rate for a set period. Unlike fixed rates, the interest rate can go up as well as down. When the discount comes to an end, unless you take out another mortgage product, the interest rate will then be linked to either our SVR or BTLVR for the rest of your mortgage term.
Tracker mortgages
A tracker mortgage is a variable rate mortgage with a difference: it tracks another interest rate over a set period of time. This is usually the Bank of England Base Rate. Should the Bank of England Base Rate change, your mortgage interest rate will change too.
After the tracker rate comes to an end, unless you take out another mortgage product, your rate will then be linked to either our SVR or BTLVR for the rest of your mortgage term.
If your mortgage tracks the Bank of England Base Rate, you can view rate changes on the Bank of England official Bank Rate History page .
Variable rate mortgages
The interest rate for variable rate mortgages may go up or down, as explained in your mortgage’s terms and conditions. This includes mortgages linked to our SVR and BTLVR.
These rates usually apply to your mortgage after your mortgage deal comes to an end. This may be a fixed, discount or tracker rate deal.
The impact of any interest rate change will depend on, amongst other things, the type of mortgage you have, the amount borrowed and how long your mortgage runs for.
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