Back to December 2019

Leeds launches new ‘Flexit’ mortgages with no ERCs

Leeds Building Society has launched two new fixed rate mortgages with no early repayment charges (ERCs) or limits on overpayments.

The Flexit products, which provide borrowers with increased flexibility, are available up to 75% LTV and have £999 fees:

- 1.71% two year fixed rate Flexit mortgage with free standard valuation and fees assisted legal services for standard remortgage

- 1.97% five year fixed rate Flexit mortgage with free standard valuation

Matt Bartle, Director of Products at Leeds Building Society, said: “Our new two and five year Flexit fixed rate mortgages provide borrowers with increased flexibility as they have no early repayment charges (ERCs) and the option to make unlimited overpayments, which are usually capped at 10% capital repayments per year.

“We know there is demand for these products following the insight and feedback we’ve gathered from borrowers and our broker partners. Ongoing economic uncertainty is likely to mean borrowers will be seeking flexibility and these products enable them to keep their options open should their circumstances change.

“Increased flexibility is particularly important for those looking to secure their monthly payments, while retaining the ability to make significant overpayments.”

Ends

Notes to Editors

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 Developer contact.

The Society operates throughout the UK and had assets of £20.7bn at 30 June 2019 (£19.4bn at 30 June 2018). The UK’s fifth-largest mutual is a Best Companies 2* employer and its head office is in the centre of Leeds, where it has been based since 1886.

Key features

Flexit Mortgage 2 Year Fixed Rate – No ERCs

  • Fixed at 1.71% up to and including 30 April 2022
  • Initial fixed period followed by a 1.25% SVR discount up to and including 30 April 2025
  • Available up to 75% LTV
  • £999 fee
  • Free standard valuation
  • Fees assisted legal services for standard re-mortgage
  • No Early Repayment Charges
  • Unlimited penalty free capital repayments allowed

 

Flexit Mortgage 5 Year Fixed Rate – No ERCs

  • Fixed at 1.97% up to and including 30 April 2025
  • Available up to 75% LTV
  • £999 fee
  • Free standard valuation
  • No Early Repayment Changes
  • Unlimited penalty free capital repayments allowed