New fixed-rate mortgage launched

A new five-year fixed rate mortgage product has been introduced by Leeds Building Society.

The deal offers a 5.35 per cent level until November 2014, with a facility to pay up to ten per cent of the capital without penalty each year.

Fixed deals are increasingly popular in the current climate, noted director of sales and marketing Kim Rebecchi.

She said: “In these uncertain times, with historically low interest rates, we are seeing an increase in the number of customers looking to fix.”

The product is available at a loan-value rate of up to 75 per cent, while it has a £199 set-up fee and an £800 completion fee.

Figures from the Council of Mortgage Lenders (CML) this week revealed that the total of lending by volume rose from £12.7 billion in June to £16 billion in July.

However, CML economist Paul Samter said the scope for further increase in the near future may be “limited”.

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