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Leek United launches two new fixed rate mortgages

1st October 2019

Leek United has launched new 2-year and 5-year fixed rate mortgages, with lower rates than their previous equivalent products.  

The new 5-year residential fixed rate mortgage has a rate of 3.00% (previously 3.22%) with a maximum LTV of 95% and a £250 cashback. The APRC is 4.9% to 28.02.2025.

The new 2-year residential fixed rate mortgage has a rate of 2.00% (down from 2.34%) and a maximum LTV of 90% with an APRC of 5.3%. The rate is fixed until 28.02.2022.

There are no application fees on these new fixed rates and the whole of Leek United’s product range offers free valuations.

John Kelly, Operations Director said: “We’re delighted to launch these two new fixed rate products, with the 5-year mortgage having a high 95% LTV and a £250 cashback. With the 2-year fixed mortgage the rate is competitive at just 2.00%, with no fees on either product.”

“The new lower rates mean these products are likely to be very attractive to intermediaries as we continue to respond to the mortgage market by providing products that are suitable for customers looking to have certainty over their rate and monthly payments for a period of time.”

“Fixed rates remain a popular choice for customers giving peace of mind and making it easier to plan their outgoings for either two or five years.”

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

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 £121,000.00 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 £9.92, followed by

60 monthly repayments of £572.42, followed by

240 monthly repayments of £719.48

The total amount payable would be £207,170.32 made up of the loan amount of £121,000.00 plus interest (£86,030.32) 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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