Leeds Building Society

In 1845 the Leeds Union Operative Land and Building Society was first formed. It was then in 1875 that the Leeds and Holbeck (Permanent) Building Society was established by shareholders of the earliest societies. In March 2005 the name was changed to the Leeds Building Society.

Leeds Building Society is now in the top ten of building societies in the UK, having 69 branches throughout. Leeds Building Society offers fixed rate mortgages, discounted rate mortgages, tracker mortgages, offset mortgages, buy-to-let mortgages, first time buyer mortgages and self certification and non-conforming mortgages.

Below are examples of the rates offered by Leeds Building Society on some of their online mortgages.

Fixed rate mortgages – A fixed-rate mortgage helps you to manage your finances, knowing that for a fixed period of time the interest rate you will be paying will not alter. There are various lengths of fixed rate mortgages ranging from typical terms of 1, 2, 3 and 5 years.

Below is an example of a fixed rate mortgage.

A 2 year Fixed Rate mortgage (75% LVT)

  • Fixed payments for a two year period
  • Initial rate of 3.14%
  • 75% Loan to Value (LVT)
  • Booking fee of £199 – non refundable and payable on application
  • There is no higher lending charge
  • There is a 10% capital repayment permitted each year without causing an early repayment charge  
  • The rate changes to their SVR (standard Variable Rate) when the two year term ends which currently is 5.69%

Fixed rate mortgages are available for 2, 3, 5 and 10 year terms.

Discount rates mortgages – A discounted rate mortgage gives a reduction from a current building societies standard variable rate (STV) for a set term. The mortgage repayments can either increase and reduce as the standard variable rate changes, but you will not have to pay the full standard variable rate of interest. At the end of the period the mortgage will revert back to a standard variable rate mortgage.

Below is an example of a discounted rate mortgage.

Discounted Mortgage Rate (75% LVT)

  • Fixed payments for a two year period
  • Initial rate of 2.45%
  • 75% Loan to Value (LVT)
  • A product fee of £199
  • There is a redemption fee of £199
  • There is no higher lending charge
  • There is a 10% capital repayment permitted each year without causing an early repayment charge  
  • The rate changes to their SVR (standard Variable Rate) when the two year term ends which currently is 5.69%
  • There is a an early repayment charge

Buy to let mortgages – A buy to let mortgage is specifically for borrowers who are purchasing a property that they are planning to let.

Below is an example of a buy to let mortgage.

Buy to Let Mortgage Rate (60% LVT)

  • Fixed payments for a two year period
  • Initial rate of 3.89%
  • 60% Loan to Value (LVT)
  • A product fee of £199 – non refundable and payable on application
  • There is no higher lending charge
  • There is a 10% capital repayment permitted each year without causing an early repayment charge  
  • The rate changes to their SVR (standard Variable Rate) when the two year term ends which currently is 5.99%
  • There is a redemption fee of £199

Tracker mortgages – A tracker mortgage has its interest rate linked to the Bank of England Base Rate and this means that your mortgage repayments can increase or decrease as the Bank of England Base Rate changes.

Below is an example of a tracker mortgage.

Tracker Mortgage (80% LVT)

  • Fixed payments for a two year period
  • Initial rate of 3.09%
  • 80% Loan to Value (LVT)
  • A product fee of £199 – non refundable and payable on application
  • There is no higher lending charge
  • There is a 10% capital repayment permitted each year without causing an early repayment charge  
  • Free standard valuation of up to £335
  • The rate changes to their SVR (standard Variable Rate) when the two year term ends which currently is 5.69%
  • There is a redemption fee of £199

Offset Mortgage – A mortgage such as this allows you to save money and decrease the term of your mortgage by utilizing your savings whereby the sum of your savings is offset against your mortgage and over the length of your mortgage you are only charged interest on the difference.

Below is an example of an offset mortgage.

Offset Mortgage (75% LVT)

  • Fixed payments for a two year period
  • Initial rate of 2.98%
  • 75% Loan to Value (LVT)
  • A product fee of £199 – non refundable and payable on application
  • There is no higher lending charge
  • There is a 10% capital repayment permitted each year without causing an early repayment charge  
  • The rate changes to their SVR (standard Variable Rate) when the two year term ends which currently is 5.69%
  • There is a redemption fee of £199

First time buyer mortgages – A First time buyer mortgage is a mortgage that is designed to help any one embarking on their first home purchase and requiring a mortgage.  It is one of the more simple mortgages to understand.

Below is an example of a first time buyer mortgage.

First Time Buyer Mortgage (75% LVT)

  • Fixed payments for a two year period
  • Initial rate of 6.49%
  • 75% Loan to Value (LVT)
  • A product fee of £199 – non refundable and payable on application
  • There is no higher lending charge
  • 100% of borrower share available
  • Free standard valuation of up to £335
  • The rate changes to their SVR (standard Variable Rate) when the two year term ends which currently is 5.69%
  • There is a redemption fee of £199