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Leek United launches new range of mortgage products

14th May 2020

Leek United has launched two new fixed-rate mortgage products as it looks to respond to changes in the market.

The new products include a two-year residential fixed-rate mortgage with £400 cashback. It has a rate of 1.60%, fixed until 30.09.2022, and a maximum loan-to-value (LTV) of 80%. The APRC is 4.8%. Application fees apply.

Additionally, it has launched a new five-year residential fixed-rate mortgage with a rate of 2.05% and maximum LTV of 80%, no application fees. The APRC is 4.3% and the rate is fixed until 30.09.2025.

Lisa Buckley, Head of Sales and Marketing said: “Our new fixed-rate mortgage range includes two new fixed rate products, and is designed to respond to the changing mortgage market.

“These are competitive products for customers looking to have certainty over their rate and monthly payments for a period of time and will give homeowners added choice when their current mortgage deal is coming to end.

“I’m confident these products will allow intermediaries to have more options when helping their clients.”

To see Leek United’s full mortgage product range visit here.

 

Representative Example (based on a house purchase):

The Annual Percentage Rate of Charge (APRC) varies with the circumstances of each mortgage.  Here is a representative example of a loan secured on your main residential property:  A mortgage of £167,000.00 on a capital and interest (repayment) basis payable over 25 years initially on a fixed rate for 2 years fixed at 1.60% and then on our Standard Variable Rate (SVR) of 5.19% (variable) for the remaining 23 years you would pay:

1 monthly repayment of £7.30, followed by
24 monthly repayments of £674.90, followed by
276 monthly repayments of £964.90

The total amount payable would be £283,652.30 made up of the loan amount of £167,000.00 plus interest (£115,517.30) with an application fee of £100, product fee of £895, a funds transfer fee of £20 and legal fee of £120.  The overall cost for comparison is 4.6% APRC representative.

Please note: the example above is for a residential property purchase only and assumes a payment date of 1st of the month. If you choose to pay your mortgage later in the month this will affect payments and could result in a higher APRC.  For product transfers, re-arrangement and additional borrowing applications, certain fees do not apply. 

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