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Leeds & Holbeck tracker cap offering 4.59% rate

Leeds & Holbeck Building Society is offering a capped tracker mortgage guaranteeing that borrowers will not pay more than 4.99 per cent until October 2004.

It claims that borrowers will benefit if the Bank of England cuts interest rates but they also have the security of what it claims is the the best two-year capped rate on the market.

The mortgage&#39s current interest rate is 4.59 per cent – Bank of England base rate plus 0.59 per cent – and is available up to a loan to value of 95 per cent. There is no lock-in past October 2004. There is a completion fee of £299

Head of marketing Tony Burdin says: “Our new capped tracker mortgage is ideal for borrowers wanting to hedge against future rate rises and enjoy the benefits of any base rate reductions.

“It is a different type of product that suits the current market when interest rates could go either way.

“If there is no change then borrowers are still enjoying a better discount and extended the time-scale for our popular and market-leading three-year fixed rate.”

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