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Leek United lowers rates across mortgage range

7th August 2019

Leek United has lowered rates on a number mortgage products across its range.

The 5-year buy to let fixed rate mortgage is reduced to 2.60% from 3.00%, with a maximum LTV of 65% with an APRC of 4.90%, and the 5-year fixed rate mortgage for home purchase is now 3.22%, 5.00% APRC with a maximum LTV of 95%. Both fixes run to 31st December 2024.

Their 2 year discount mortgage is reduced to 2.40% from 2.59%, 5.3% APRC with a maximum LTV of 90%.

Leek United’s product range also offers free valuations on all mortgages.

For landlords the Leek United mortgage range also includes options for first-time and non-homeowner landlords, as well as mortgages for holiday homes and second homes, with every mortgage application being assessed individually.

To assist brokers, the Leek has launched an online affordability calculator to quickly help customers find a suitable mortgage from its range by providing an instant affordability decision.

John Kelly, Operations Director said: “The new, lower rates are good news for customers as they help make buying a home more affordable. Fixed rates remain a popular choice for customers and landlords alike, and help them with knowing what they will pay each month for the period of the fix, giving peace of mind and making it easier to plan their outgoings.

“Feedback from our brokers has been useful in developing our product suite and they will also benefit by being able to help more of their clients - and their business. These new products are likely to be very attractive to introducers as we continue to respond to the market and provide mortgages that are suitable for a wide range of customers.”

 

Rep 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 investment property:  A mortgage of £116,000.00 on a interest only (repayment) basis payable over 25 years initially on a fixed rate for 5 years fixed at 2.60% and then on our Standard Variable Rate (SVR) of 5.69% (variable) for the remaining 20 years you would pay:

1 monthly repayment of £8.26, followed by

60 monthly repayments of £250.80, followed by

240 monthly repayments of £547.52

1 final repayment of £116,000.00

The total amount payable would be £263,596.06 made up of the loan amount of £116,000.00 plus interest (£146,461.06) 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 4.9% APRC representative.

Please note: the example above is for an investment 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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