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Leeds opens the gate to first time buyers

Leeds Building Society

Variable Rate Cashback Mortgage

Type: Variable rate mortgage with cashback

Term: Life of loan

Payable rate: 6.5%

Minimum loan: 25,001

Maximum loan: Up to 100% of valuation subject to a maximum of
Income multiples: Based on affordability and credit score

Conditions: 1% cashback, free mortgage payment protection for six months

Arrangement fee: None

Redemption fee: Repayment of cashback in first three years

Introducers fee: Refer to lender

Tel: 01543 418104

Leeds Building Society has established this variable rate cashback mortgage up to 100 per cent of valuation with first time buyers in mind.

Brian Pack Financial Services principal Brian Pack believes that since the name change from Leeds & Holbeck to Leeds, this building society has launched some very good mortgage products.

Looking at the details of this mortgage Pack says: This deal has a good interest rate for mortgages up to 100 per cent of valuation. He regards the free valuation up to 335 and 1 per cent cashback as attractive extras. He also feels the early repayment charges are fair for the contract.

Turning to the less appealing features of the mortgage the only potential problem Pack can see is with the affordability criteria for income multiples, which he feels could restrict first time buyers in his area London due to the high property prices.

In terms of possible competitors, Pack concludes that the only one he can see is the Coventry package for first time buyers.

BROKER RATINGS

Suitability to market: Good
Competitiveness of rate: Good
Flexibility: Good
Adviser remuneration: Average

Overall 8/10


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