First time buyers could benefit from Leeds mortgage

27-Sep-2006

Leeds Building Society has launched a new five-year fixed-rate mortgage that offers first time buyers a rate of 4.99 per cent, with the option of ten per cent capital repayments without penalty.

In addition, the mortgage is flexible to first time buyers who need help with fees, offering a fee free five-year fixed-rate of 5.49 per cent.

Stuart Fearn, product development manager, said: "We have created this product with a fee free option to ensure that customers with less funds available for fees can still benefit from all the advantages provided by fixing payments."

He added that the mortgage would benefit first time buyers who are looking to fix their monthly payments, protecting themselves from rises in the cost of borrowing.

The Bank of England raised its base rate of interest by a quarter of a percentage point to 4.75 per cent in August, however, it was left unchanged this month.

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