LBS launches three-year fixed-rate mortgage

Those looking for the best mortgage rate suited to their needs could benefit from a new mortgage from Leeds Building Society (LBS).

The three-year fixed-rate deal is unaffected should the Bank of England decide to raise interest rates further, while offering a rate of 5.29 per cent up to February 28th 2010.

It is available at 95 per cent loan-value (LTV) with ten per cent capital repayment allowed annually.

In addition, no higher lending charge is necessary up to 90 per cent LTV, with a £750 completion fee on loans up to £500,000.

Karen Wint, LBS’s head of marketing and public relations, underlined the benefits that many homeowners find with a fixed-rate deal.

“Some customers who currently have discount or tracker mortgages may be concerned about what will happen to their monthly payments if interest rates continue to rise.

“This product protects them against any increases and provides excellent peace of mind.”

The Bank of England’s monetary policy committee is scheduled to meet this week and decide whether to raise the current interest rate of five per cent.

© Adfero Ltd

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