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Leeds Launch New Mortgages

Written By On 07/05/2014

The Leeds building society have released a new selection of mortgages designed to work in conjunction with the government's Help to Buy scheme.

It will offer the customer a very affordable rate of just 0 per cent for the first few months of the loan before it increases.

It will be targeted at mortgagees purchasing new built properties and would no doubt make life easier for them in the beginning.

The building society also say they now have on offer the only 10-year fixed-rate Help to Buy mortgage available to borrowers.

The 10 year fixed rate will bypass the stringent 'stress tests' recently administered by the FCA because the new rules only apply to mortgages of up to 5 years.

These new loan deals will be related to the first phase of Help to Buy. This means that providing the applicants can put down 5 per cent of the purchase price, the government will supply an equity loan of up to 20 per cent.

The Leeds building society will take care of the remaining 75 per cent provided that all the rest of the criteria is met.

The 10 year fixed rate will give customers two options. The first one is accepting the introductory rate of 0 per cent for three months and then paying 5.16 per cent. The next would be to take the 0 per cent for 6 months before jumping to 5.34 per cent.

Their 5 year fixed rate also offers the customary 0 per cent introduction rate for either three months before going up to 4.13 per cent, or taking the 0 per cent for six months before hitting a higher rate of 4.4 per cent.

Then there is their 2 year fixed which will give the 0 per cent breathing space for the only option of three months before going to 2.88 per cent.