Leeds launches 5-year fixed rate
The mortgage includes a free valuation on properties worth up to £500,000 and fees assisted legal services.
Remortgage activity rose to its highest level since November 2008 in July, data from the LMS found.
Martin Richardson, Leeds Building Society’s general manager – business development, said: “We’ve experienced strong and growing demand in the past couple of months from remortgagors who are taking the opportunity to switch to a better deal.
“With the bank base rate potentially staying at its historic low for longer than recent speculation has indicated, a longer-term fix at a competitive rate is an attractive option for borrowers wanting security of payments for what’s likely to be their largest monthly outgoing.
“A remortgage to a competitive rate can bring down monthly repayments or even shave months or years off the total life of a mortgage, saving many thousands of pounds overall.
“This latest 5-year deal has no upfront fees, in line with the rest of our remortgage range, which also includes shorter fixed and variable rate products for borrowers wanting greater flexibility.”