Leek United launches new residential products
8th June 2020
Leek United launches new residential products which include 75% LTV and buy-to-let products for both non-homeowner and regulated purchasers
Leek United has relaunched new residential products, including some with no fees and cashback and new 75% loan-to-value (LTV) products.
It has also launched buy-to-let products for both non-homeowner and regulated BTLs as it responds to the market.
The new residential products include a two-year residential, fixed-rate mortgage with no fees and £400 cashback. It has a rate of 1.85%, fixed until 30.09.2022, and a maximum LTV of 80%. The APRC is 4.8%. This product has a competitive rate and would benefit those looking for support with their legal fees by offering cashback and no application or valuation fees.
They have also launched two new residential fixed-rate mortgages with 75% LTV to complement their current offering of 80% and 60% LTV products. Both mortgages have competitive rates and provide customers with £400 cashback.
For buy-to-let purchasers, Leek United has launched four new products, including two new mortgage products for non-homeowner buy-to-lets.
A two-year non-homeowner buy-to-let mortgage with no fees has a rate of 2.25%, fixed until 30.9.2022 and a maximum LTV of 65%. The APRC is 4.9%.
Meanwhile, for regulated BTL purchasers, Leek United has launched a two-year, fixed-rate 65% BTL product that has no fees. It has a rate of 2.25%, fixed until 30.9.2022. The APRC is 4.9%.
Lisa Buckley, head of sales and marketing, said: “Our new fixed-rate mortgage range includes competitive interest rates and products with no fees and cashback.
“The new two-year fixed-rate, fee-free product with cashback will support purchasers with their legal fees. We’ve also added to our mortgage offering with two new 75% LTV products to give more choice and flexibility.
“For buy-to-let, we’ve revamped our products and we now have four new products for both non-homeowner and regulated buy-to-lets where we use the market rate to calculate the rental coverage, rather than what the family member is paying.
“I’m confident these products will allow intermediaries to have more options when helping their clients.”
Leek United has reintroduced physical valuations and they are now accepting flats and new build properties.
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 1.85% and then on our Standard Variable Rate (SVR) of 5.19% (variable) for the remaining 23 years you would pay:
1 monthly repayment of £8.44,
followed by 24 monthly repayments of £694.66,
followed by 276 monthly repayments of £966.99
The total amount payable would be £283,709.52 made up of the loan amount of £167,000.00 plus interest (£116,569.52) 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. Please speak to your mortgage adviser for further details. Back to news