Multiple lenders have been launching products with greater incentives of late, with Leeds Building Society becoming one of the most recent to do so. The lender has announced it will now be launching a range of 5 year fixed rate mortgages, which will offer incentives for loan to values (LTV) up to 65% to 85%.
With mortgage rates continuing at the current low levels, interest from those remortgaging has grown, as many are looking to benefit from competitive rates and the security of fixing monthly repayments, before we enter a potentially rising rate market environment.
All of Leeds Building Society 5 year fixed mortgage products now come with a £199 fee, as well as free valuation and fees assisted legal services for standard remortgages. The range includes a 5 year fix at 2.5% up to 65% LTV, 2.65% for up to 75% LTV, or 2.69% for up to 80% LTV and 2.94% for up to 85% LTV. These products are also available for home purchase, with the 2.69% 80% LTV deal proving especially popular for borrowers with a larger deposit.
These are not the only incentive products gracing the market, however, with Virgin Money also releasing new buy to let deals with up to £1,500 cashback in place for borrowers. The new range of competitive buy to let mortgages includes a 2 year fixed rate of 2.54% at 75% loan to value (LTV) with a product fee of £1,500 and a £500 cashback incentive. An intermediary exclusive 3 year fixed rate with a rate of 3.14% at 75% LTV is also available, with a £1,995 product and £500 cashback.
Along with speedy processing, the removal of the original £99 application fee and these much more profitable cashback incentives, Precise Mortgages’ flexible features to its buy to let deals have proved very popular thus far.
5 year fixed rates (also exclusive to intermediaries) at 3.65% are on offer at 75% LTV with a £1,995 product fee and a plentiful £1,500 cashback incentive.