Leeds: 5 year fix at 4.59%

Rinoa

http://www.mortgageintroducer.com/mortgages/237112/5/Industr...

Lenders are certainly looking for business.

And this is proof positive they aren't anticipating large rate increases for the foreseeable future.

:j

Pete111

Rinoa wrote: »

http://www.mortgageintroducer.com/mortgages/237112/5/Industr...

Lenders are certainly looking for business.

And this is proof positive they aren't anticipating large rate increases for the foreseeable future.

:j

Hmmm no LTV mentioned...

If it is 75% or better though I would agree this is a decent fix (historically speaking)

ModernSlave

Leeds Building Society has unveiled a new fixed-rate mortgage with a rate of 4.59 per cent.
The five-year product allows capital repayments of up to ten per cent every year without penalty and does not impose a higher lending charge.
It is available at up to 60 per cent loan-to-value, comes with a £199 booking fee and a £1,300 completion fee for loans of up to £500,000.

http://www.myfinances.co.uk/mortgages/news/product-news/new-mortgage-unveiled-by-leeds-bs-$1368387.htm

puddy

i would like to think that sometime in the not too distant future, these completion and arrangement fees will be looked into as disproportionate and unfair

years ago, there was an arrangement fee for fixed rates, they tended to be around 500 or so, now they're well over 1k since the 'credit crunch', its disgusting

princeofpounds

years ago, there was an arrangement fee for fixed rates, they tended to be around 500 or so, now they're well over 1k since the 'credit crunch', its disgusting

In a low interest-rate and competitive economy, much of the profitability from these mortgages will come from the fees as the interest margins between lending and sourcing funds will be wafer-thin.

I do agree it's a big shame that they can't be forced to roll all fees into one single number for comparison, because your average joe has no idea how to price a mortgage.

carolt

That's a pants rate.

Why on earth has it been given a thread of its own, OP?

phil_b_2

That sort of rate would mean around £675 a month on a repayment mortgage over 38 years, on the average priced house with a 10% deposit?

Even for a single person on average UK wage (based on published stats) that shouldn't be a great problem to service?

I must be missing something here.

Thrugelmir

Rinoa wrote: »

Lenders are certainly looking for business.

And this is proof positive they aren't anticipating large rate increases for the foreseeable future.

:j

Maybe they've raised some money through fixed rate ISA's.......

There are a rare species called savers out there as well as borrowers.

Anybody borrowing shouldn't bank on inflationary payrises to erode their mortgage debt either.

Cleaver

phil_b wrote: »

That sort of rate would mean around £675 a month on a repayment mortgage over 38 years, on the average priced house with a 10% deposit?

Why 38 years? Dunno about anyone else, but I wouldn't want a mortgage for 38 years. An average priced house, at that rate, would end up costing you nearly a third of a million pounds when paid back over 38 years.

Thrugelmir

phil_b wrote: »

That sort of rate would mean around £675 a month on a repayment mortgage over 38 years, on the average priced house with a 10% deposit?

Even for a single person on average UK wage (based on published stats) that shouldn't be a great problem to service?

I must be missing something here.

Available with 10% deposit; mortgage term 38 years maybe ?

phil_b_2

Opting for a 38 year mortgage doesnt mean you are commited to that for life though does it?

It just means your monthly payments are kept to near a minimum. You can then save and save and pay off a bigger chunk at the end of that fix, yet you arent forced to pay a higher amount if something happens and you are a bit short for a few months.

I'm personally on an interest only deal at the mo, which you could say I will never ever pay off, but I'm saving tons each month and will actually have the mortatge paid off quite quick