Interest only mortgage introduced by Leeds.

Two new interest-only mortgages have recently been launched by Leeds Building Society.

The details are:

• 2.09% for up to 60% loan to value
• 2.24% for up to 75% loan to value

Both are 2 year fixed rate products and, in addition, the 75% LTV is available ‘part and part.’

With interest only mortgages, your monthly repayments amount to the interest that is charged on your loan value. Repayments can be relatively low using this method, however, the loan amount must be paid back in full at the end of the mortgage term.

With a ‘part and part’, a percentage of the repayment figure is 'interest' and a percentage is 'repayment.' This way, you have the added option of reducing your total loan amount, meaning you could have a much-reduced debt at the end of the mortgage term.

As interest rates continue to reach historic lows, obtaining a ‘part and part’ mortgage could be a very affordable way of paying down your loan value. To help you understand whether this type of mortgage would be the most suitable option for you, why not have a conversation with one of our knowledgeable advisers at Deal Direct?

We’ll be more than happy to furnish you with a no-obligation quote on this, as well as other mortgage options. As an FCA regulated broker, our advice is highly qualified as well as independent and unbiased.

After reviewing your finances, Deal Direct works hard in sourcing the very best mortgage for you, whether that’s interest only, repayment, fixed, variable, tracker or offset.

For the most up to date offers and the lowest mortgage rates from across the UK, call Deal Direct.

Talk to a specialist mortgage adviser now on 0800 048 8828.