Leeds launches two new interest-only fixed rate mortgages
Leeds Building Society has launched two new interest-only mortgages.
Their two-year fixed rate mortgage is priced at 2.49% and it has a 5.4% APR.
The five-year fixed rate is 3.19% and it has a 5.1% APR.
Both mortgages are available to a maximum loan-to-value of 50% and they have a £199 booking fee. Up to 10% capital repayments are allowed each year without incurring an early repayment charge.
The maximum loan size is £500,000 and after the fixed rate period the mortgage reverts to the lenders standard variable rate, currently 5.69%.
Leeds Building Society already offer interest-only up to 50 per cent LTV, accepting various repayment vehicles.
However, not all interest-only mortgage providers accept sale of property as a repayment vehicle.
Aaron Strutt, product manager at Trinity Financial, says: "The banks and building societies know that there is still a strong demand for interest-only and many borrowers are still keen on these mortgages.
"Even though the majority of mortgages are taken on a capital repayment basis, lenders are still targeting interest-only in a bid to attract more customers. Although they will need a large deposit to qualify."
If you would like help to secure an interest-only mortgage, call Trinity on 020 7016 0790.
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