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Property loan fixed at less than 5%

23 November 2004

Leeds & Holbeck Building Society has launched a three-year fixed rate mortgage at 4.84 per cent.

This mortgage can be taken out at 95 per cent loan to value rate and does not have higher lending charge or a lock-in during or after the end of the fixed rate period for a loan of up to 90 per cent of the value of the property.

"This product looks like it will be the lowest three year rate on the market and it complements the best buy five-year fixed rate mortgage at 4.95 per cent we launched last week," said Karen Wint, head of marketing at Leeds & Holbeck Building Society.

A fee of £495 applies to the new three-year product, but this can be added to the value of the loan at completion.

For those seeking a fee-free three-year fixed rate mortgage, Leeds & Holbeck is offering one at a rate of 5.29 per cent (at 95 per cent LTV).

This product includes free use of the society's legal service for people who are remortgaging.