Remortgage demand prompts Leeds to launch new five year deal
Leeds Building Society has launched a new five year fixed rate deal for remortgagors wanting to take advantage of current competitive rates.
The 3.34% deal is available up to 85% LTV (loan to value) and has no product fee.
New data* showed remortgage activity rose in July to the highest levels seen since November 2008, following relatively sluggish activity levels in late 2014 and early 2015.
"We've experienced strong and growing demand in the past couple of months from remortgagors who are taking the opportunity to switch to a better deal," said Martin Richardson, Leeds Building Society's Director of Business Development.
"With the Bank Base Rate potentially staying at its historic low for longer than recent speculation has indicated, a longer-term fix at a competitive rate is an attractive option for borrowers wanting security of payments for what's likely to be their largest monthly outgoing.
"A remortgage to a competitive rate can bring down monthly repayments or even shave months or years off the total life of a mortgage, saving many thousands of pounds overall.
"This latest five year deal has no upfront fees, in line with the rest of our remortgage range, which also includes shorter fixed and variable rate products for borrowers wanting greater flexibility."
In addition to being fee-free, the deal includes a free valuation, for properties worth up to £500,000, and fees assisted legal services.
Notes to Editors
* Data sourced from LMS remortgage report. LMS (Legal Marketing Services) is one of the UK's largest providers of outsourced property services, including conveyancing, remortgage, and IT services. To find out more about LMS, visit www.lms.com
To discuss a new case with one of our mortgage development team, mortgage introducers should go to www.leedsintroducer.co.uk to find details of their nearest Business Development contact.
Awards won by Leeds Building Society in the past 12 months include the 'Innovation Award (Lenders)' at the Mortgage Finance Gazette Awards 2015, in addition to being named 'Best Intermediary Lender', both for the second consecutive year. The Society also received the award for 'Best Use of Technology (Lenders)'.
Leeds Building Society has 67 branches throughout the UK, Gibraltar and Ireland and assets of £12.7bn (as at 30th June 2015). The Society has operated from the centre of Leeds since 1886.