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Leek United launches TMA Mortgage Club exclusive fixed rate mortgage

7th August 2019

Leek United has launched an exclusive 2-year fixed rate mortgage for TMA Club members. The new product has a rate of 2.95% fixed until 31st December 2021, offers a £350 cash back and has a maximum LTV of 95%, 5.4% Annual Percentage Rate of Charge.

Leek United joined TMA Club’s panel last year and the launch of this exclusive product builds on the relationship that has been built up.

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 very pleased to launch this exclusive fixed rate mortgage in conjunction with TMA Club. The new product will help their intermediary members assist more clients by being able to offer a competitive mortgage product with a cashback and a high LTV."

Rob McCoy, Senior Product & Business Manager at TMA Club, added: “Partnering exclusively with Leek means that we’ll be able to reward and support more intermediaries with a greater choice of lending solutions that will help them grow their client portfolios. What’s more is that TMA Club members will have access to minimal upfront fees for their customers, another aspect of the partnership which promises to help our members retain their clients more easily and, ultimately, strengthen their business.”

 

Representive 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 2 years fixed at 2.95% and then on our Standard Variable Rate (SVR) of 5.69% (variable) for the remaining 23 years you would pay:

 1 monthly repayment of £11.96, followed by

24 monthly repayments of £696.33, followed by

276 monthly repayments of £904.82

The total amount payable would be £266,594.20 made up of the loan amount of £148,000.00 plus interest (£118,454.20) a funds transfer fee of £20 and legal fee of £120.  The overall cost for comparison is 5.2% 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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