Leeds launches new fixed rates and lending into retirement tool

New five-year fixed rates are available from 1.83% up to 65% LTV and 1.90% up to 75% LTV.

New two-year rates are available for remortgage only at 1.60% up to 65% LTV and 1.65% up to 75% LTV.

Additionally, a new tool on Leeds Building Society’s Intermediary website will offer more help for brokers with customers interested in borrowing into retirement.

The tool will give brokers more information about what proof of income they may need to provide in support of their client’s application.

Jaedon Green, Leeds Building Society’s Director of Product and Distribution, said: "Fixed rate mortgages remain the most popular choice with borrowers. The recent election leaves the UK with significant uncertainty, hence the increasing interest in five year deals which provide homeowners with certainty beyond the next election.

“As rates remain at historic lows, remortgaging to a better deal could mean savings for a borrower, even taking into account any charges for early redemption of their current mortgage – it’s worth doing the maths to check.

“In addition, our remortgage-only deals come with incentives including free valuation and fees assisted legals to minimise the upfront costs of switching.”

Martese Carton, Leeds Building Society’s Head of Intermediary Distribution, added: “The age of first time buyers is increasing and more borrowers are taking out mortgages longer than the traditional 25 year term.

“These are among the reasons more people are likely to have a mortgage beyond their retirement age. We’ve already reviewed and improved our lending criteria in recognition of this growing sector of the market.

“We’ve now added a tool on our website to give brokers more information about what proof of income they may need to provide in support of their client’s application to make this process easier.”