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Leek United’s 2-year fixed rate mortgage is a Moneyfacts Best Buy

7th October 2019

Leek United is delighted to be recognised by the independent finance publication Moneyfacts for providing a Best Buy 2-year fixed rate mortgage.

The 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 the product and Leek United’s residential mortgage range offers free valuations.

Moneyfacts is an independent assessor of all financial products in the UK market and has 30 years’ experience in this market. Their data is used throughout the UK's financial industry including by the Bank of England, HM Treasury and the UK Government.

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said: “Leek United Building Society has made a sizeable reduction to its two-year fixed rate mortgage of 0.34%. Now priced at 2.00%, the deal includes a cost-saving incentive package of free valuation and does not charge a product fee. Those borrowers with the required 10% deposit and are looking to keep their upfront costs down may find this deal appealing. As a result, this mortgage product has been included in the Moneyfacts Best Buys.”

John Kelly, Operations Director said: “We’re delighted to appear in the Moneyfacts Best Buy tables and it’s very satisfying to be acknowledged as a leading provider of competitive mortgages.

“Fixed rates remain a popular choice for customers as they provide peace of mind and make it easier for them to plan their outgoings. This along with a low rate of just 2.00%, a 90% LTV and no valuation fee, means the new 2-year fixed rate mortgage will be very popular with brokers so they can help more of their customers.

“We have lowered rates on a number of other products as we continue to be responsive to the market and provide mortgages that are suitable for a wide range of customer requirements.”

 

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 £190,000.00 on a capital and interest (repayment) basis payable over 25 years initially on a fixed rate for 2 years fixed at 2.00% and then on our Standard Variable Rate (SVR) of 5.69% (variable) for the remaining 23 years you would pay:

 1 monthly repayment of £10.38, followed by

24 monthly repayments of £804.02, followed by

276 monthly repayments of £1,152.73

The total amount payable would be £337,600.34 made up of the loan amount of £190,000.00 plus interest (£147,460.34) a funds transfer fee of £20 and legal fee of £120.  The overall cost for comparison is 5.0% 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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