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