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Daily interest from Leeds and Holbeck

Leeds and Holbeck Building Society is entering the daily calculated interest rate market with its new flexible mortgage product.

The interest rate is fized at 5.85 per cent for the first six months, at which point it switches to a flexible variable rate, currently sitting at 6.90 per cent.

The product includes no fees or penalties and customers will have the option of up to six payment holidays a year. Also included is the option to increase monthly payments with the view of paying off the loan earlier.

IFAs stand to gain £125 procurement fee, and a further £50 if a home insurance product is also sold to the client.

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