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Leek United launches SimplyBiz Mortgage Club exclusive fixed rate mortgage

2nd October 2019

Leek United has launched an exclusive 5-year fixed rate mortgage for SimplyBiz Mortgage Club members. The new product has a rate of 3.00% fixed until 28th February 2025 offers a £400 cashback and has a maximum LTV of 95%, 4.9% Annual Percentage Rate of Charge.

Leek United joined SimplyBiz Mortgage Club’s panel in July and the launch of this exclusive product builds on the range of products available to brokers.

As well as free valuations on all mortgages, Leek United’s mortgage range also includes options for buy-to-let landlords with fixed rate and discounted products, including first-time and non-homeowner landlords. Leek also offer mortgages for holiday homes and second homes, with every mortgage application being assessed individually.

John Kelly, the Society’s Operations Director, said: “We’re delighted to announce the launch of this exclusive fixed rate mortgage in conjunction with SimplyBiz Mortgage Club. The new product will help their intermediary members assist more clients by being able to offer a competitive fixed rate mortgage with £400 cashback and a high LTV.”

Martin Reynolds, Chief Executive of SimplyBiz Mortgages, added: “I’m very pleased that we have been able to launch an exclusive mortgage so soon after Leek United joined our panel. They pride themselves on providing a very personal service to intermediaries and the new mortgage will be a welcome addition to the product offering available to our members.”

 

Representitive example:

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 £148,000.00 on a capital and interest (repayment) basis payable over 25 years initially on a fixed rate for 5 years fixed at 3.00% and then on our Standard Variable Rate (SVR) of 5.69% (variable) for the remaining 20 years you would pay:

1 monthly repayment of £12.13, followed by

60 monthly repayments of £700.14, followed by

240 monthly repayments of £880.03

The total amount payable would be £253,367.73 made up of the loan amount of £148,000.00 plus interest (£105,227.73) 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.

 

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