New fixed-rate mortgage from Leeds Building Society

06-Sep-2006

With a rate of 4.97 per cent, the mortgage has no higher lending charge and is accessible to first time buyers as it offers up to 90 per cent loan to value.

Stuart Fearn, product development manager, said: "With market commentators predicting a further rise in base rate later this year, a ten-year best buy fixed rate at only 4.97 per cent offers outstanding value.

"This product delivers long-term peace of mind by providing protection against future interest rate increases, combined with the flexibility to pay ten per cent capital repayments each year without penalty."

The mortgage is also available with a fee free option, so first time buyers with less funds available for fees can "benefit from fixed payments over a longer period".

Last month, the Bank of England raised its base rate of interest to 4.75 per cent, making mortgage repayments potentially more expensive for those with a loan that follow the rate of interest.

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