Leeds Building Society Offset Mortgage
Like other offset mortgage accounts, the Leeds Building Society offset mortgage allows borrowers to offset credit balances against mortgage debt to reduce the interest being charged. With the Leeds Building Society offset mortgage borrowers can link up to three separate savings accounts to the mortgage account for offsetting purposes. With the Leeds Building Society offset mortgage savings and mortgage accounts are kept separate, so customers can manage their money as usual. And borrowers can choose whether to use their offsetting benefits to reduce their mortgage term or their monthly payments.
Fixed Rate Offset Mortgage Deals
There are many Leeds Building Society offset mortgage deals. The first is a three year fixed rate until March 2011. Tapered early repayment charges apply until that time. The gross interest rate is 5.39 per cent, giving an annual percentage rate (APR) of 7.4 per cent. The maximum loan to value is 80 per cent and there is no higher lending charge up to 90 per cent of the property value. Interest is calculated daily and capital repayments of 10 per cent are allowed each year. After the end of the fixed rate period this Leeds Building Society offset variable rate which is currently 7.5%.
The second Leeds Building Society offset mortgage deal is a fee free three year fixed rate until March 2011. Tapered early repayment charges apply until that time. The gross interest rate is 5.99 per cent, giving an annual percentage rate (APR) of 7.5 per cent. The maximum loan to value is 80 per cent and there is no higher lending charge up to 90 per cent of the property value. Interest is calculated daily and capital repayments of 10 per cent are allowed each year. After the end of the fixed rate period this Leeds Building Society offset mortgage deal reverts to variable rate of 7.5%. This deal includes a free valuation up to £335 and free legal services for a remortgagers.
Offset Tracker Mortgages
The third Leeds Building Society offset mortgage deal is a three year base rate tracker until Febuary 2010. Tapered early repayment charges apply until that time. The interest rate is the base rate plus 0.74 per cent. The maximum loan to value is 90 per cent and there is no higher lending charge up to 90 per cent of the property value. Interest is calculated daily and capital repayments of 10 per cent are allowed each year. After the end of the preferential period this Leeds Building Society mortgage deal reverts to a variable rate of 7.5%.
There are currently in excess of twenty offset rates and
deals available from Leeds Building Society. Call us now on 0845 60331763 to make sure you have the most up to date rates and information available.
According to the building society, mortgage holders with a Leeds Building Society offset mortgage who can offset £5,000 in savings against a mortgage of £75,000 could save more than £11,000 in interest repayments and could repay their mortgage more than two years early. This depends on maintaining an adequate level of savings throughout the term of the Leeds Building Society offset mortgage*.
