L&G to offer Leeds exclusive
The mortgage, which is available through Legal & General Mortgage Club ARs and Nouveau firms only, is available at Base Rate (currently 0.5%) + 2.15%, on loans up to 80% LTV.
Martyn Smith, head of mortgage products, Legal & General Network, said: “In a market dominated by fixed rates, this 3-year tracker has been priced very keenly and is market leading for a product that has no early repayment charges.
“The additional product incentives make this Legal & General exclusive ideal for both purchase and re-mortgage customers expecting base rate to remain flat, yet seek built in flexibility should things change”.
Martin Richardson, general manager Business Development at Leeds Building Society, said: “We are pleased that we can, through our strong relationship with Legal & General Mortgage Club, launch a market leading tracker that delivers good value combined with flexibility, and offers an excellent alternative to the fixed rates that are widely available.”
The product has a £199 booking fee plus £800 completion fee on loans up to £500,000 with a 1% completion fee payable on loans over £500,000. It is also free from early repayment charges and offers unlimited capital repayments.
Borrowers will also benefit from a free standard valuation up to £335, and free standard in-house legal service for re-mortgages.