Leeds Building Society lowest mortgage rate offer ever

Leeds Building Society have launched the lowest mortgage rate deal in their 136 year history. They are offering a 2 year fixed rate mortgage at 1.99 %, the fixed-rate period of the Leeds mortgage will end on December 31, 2013. The 1.99 % deal has reduced the average 2 year fixed rate mortgage to 3.82 %. Kim Rebecchi, Leeds Building Society’s sales and marketing director said: “This is an outstanding offer that allows customers to guarantee low payments for two years and benefit from the peace of mind this delivers. As a successful building society, we are committed to supporting customers on to the housing ladder and helping those looking to remortgage.” The Leeds Building Society lowest mortgage rate deal will give borrowers the opportunity to fix their mortgage at below 2 %. However, this is providing they can raise a 25 % deposit and are able to pay a fee of £1,999. Mortgage rates have fallen significantly since the base rate was slashed to 0.5 %, however only borrowers who can raise a large deposit are able to benefit from the cheapest mortgage deals. It is important for borrowers to be aware that some of the lowest mortgage rate deals come with high fees, and this makes them suitable only for those with larger home loans. A fee of £1,999 means that the 1.99% deal is not necessarily the best 2 year fixed rate mortgage for borrowers of smaller home loans.