Leeds Cuts Mortgage Prices in New Year Sale

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Leeds Building Society announced this week that it is adding its popular range of three-year fixed-rate mortgages to its list of products featured in the lender’s New Year sale.As part of the sale, the Leeds is waiving the £800 completion fee, plus adding a standard property valuation worth up to £335 and offering free legal services for customers seeking remortgages. With the right combination of incentives, mortgage customers could save themselves up to £1,100 on these deals a “market leader” according to the building society, as the following example shows: with a three-year fixed-rate deal on a mortgage with a loan-to-value (LTV) ratio of 75 per cent, customers will enjoy a 3.04 per cent rate of interest. Customers taking out a mortgage at 85 per cent LTV will have a 3.99 per cent interest rate. Leeds Building Society sales and marketing director Kim Rebecchi commented: “We are delighted to get 2012 off to a great start by converting our three-year fixed-rates into a market leading New Year sale mortgage range. The removal of the £800 completion fee and the addition of a free standard valuation up to £335, on rates beginning at only 3.04 per cent means it really will be a Happy New Year.” She added: “The opportunity to minimise the cost of the biggest monthly outgoing will be welcomed and this sale product provides this. These fees assisted products are ideal for purchases and remortgages alike.” For its part, FT Adviser revealed today that the Abbey bank, now part of the Spanish finance giant Santander is planning to extend the range of mortgages it offers through third party advisors and brokers, via its Abbey for Intermediaries arm. The company’s managing director Miguel Sard, managing director of Abbey for Intermediaries, told FTAdviser told the magazine: “The intermediary channel is a key distribution channel for Santander and we want to expand the range of products we sell through intermediaries next year, helping intermediaries to provide a more holistic service to their clients.”