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New Leek United mortgage is a 'Best Buy’

7th October 2019

Leek United has been awarded a ‘Best Buy’ rating for one of its newest mortgage products.

The Society’s Two-Year Fixed Rate Mortgage was highlighted by leading financial data provider Moneyfacts*.

Offering a highly competitive rate of 2.00% (reduced from 2.34%), 5.3% APRC, a maximum Loan to Value (LTV) of 90%, and no valuation fee, fixed rate until 28 February 2022.

It is part of an autumn update of Leek United’s range of mortgage products, all available from 1 October 2019.

John Kelly, the Society’s Operations Director, said: “We are delighted to receive Moneyfacts’ rating for one of our new mortgages.

“This gives customers the confidence that Leek United products not only offer great value for money, backed with excellent customer service; they’re also amongst the very best the UK financial industry has to offer.”

In addition to the Two-Year Fixed Rate deal, the Society’s new mortgages portfolio includes a Five-Year Fixed Rate Residential mortgage at 3.00% (reduced from 3.22%), 4.9% APRC and 95% LTV, with £250 cashback on completion.

All Leek United mortgages are backed by the Society’s friendly, face-to-face customer service, with experienced Qualified Mortgage Advisers on hand to guide borrowers through every step of the process and make sure the products are suitable for their needs.

For full details, visit here

*Moneyfacts Group is the UK's leading provider of personal finance data. Moneyfacts' data is used throughout the UK's financial industry. It is used by the Bank of England, HM Treasury and the UK Government, and virtually every bank and building society.

 

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 £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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