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L&H answers budget with launch of 25-year loan

Leeds & Holbeck Building Society is launching a 25 year fixed rate mortgage at 5.39 per cent in response to the budget, which called for the development of a long term mortgage market..

The new loan allows 5 per cent capital repayments each year without penalty, with three month windows to redeem or transfer the mortgage in full without early redemption charge in year five and every two years thereafter.

There is a tapered early redemption penalty outside of the option windows of six months interest at the company&#39s standard variable rate in years one to five, and three months interest at the SVR in years six and onwards.

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