Leek Building Society 90% mortgage with £250 cashback and refund of valuation.
The Leek Building Society 90% mortgage with £250 cashback and refund of valuation should appeal to first time buyers on a budget. The product is available to houses bought in England and Wales including those purchased under the Right-to-Buy government scheme. There are no main early repayment charges so you can consider moving on up the ladder at any point without being unduly penalised.
Initial Rate: 2.49% Subsequent:5.19% The overall cost for comparison is 4.6%
- Features: 2.70% discount for 2 years. The rate has a floor rate of 2.49% during the discount period and 3% thereafter. £250 cashback. Refund of valuation fee on completion.
- Minimum deposit / equity: 10%
- Valuation fee: £208
- Other main lender fees: £199 booking fee. Higher lending charge £1,590.
- Early repayment charges: £Nil
MY PRODUCT COMMENTS: There are other 90% products available at higher interest rates but without a higher lending charge. You therefore need to do your sums to see whether on your own circumstances this works out best for you.
MY LENDER COMMENTS: Leek Building Society consider unusual cases for applicants with an impeccable credit rating as they manually underwrite rather than rely on computers. The downside of being paper based means they are slower than average in terms of the process. The fact they do not lend on flats is restrictive.
For more information on 90% mortgage with £250 cashback and refund of valuation please complete the enquiry form on this page or call us on 020 7993 2044.
Rates current as at 29/9/14. The overall cost for comparison is based on a property value of £250,000 over a 25 year term. Repayment for Residential and Interest only for Buy-to-let. Eligibility will depend on your own personal circumstances.
The purpose of this web is for information only and is based on a fictitious illustrative scenario. It does not constitute a Mortgage Offer in any way.
It is essential that you seek independent mortgage advice as a suitable product will be based on your own individual circumstances. An interest rate should not be read in isolation, and you should refer to your personal key facts illustration and Mortgage Offers for full terms and conditions. If anything is unclear it should be discussed fully with both your mortgage and legal advisors before entering into a mortgage contract with the lender.
For full details about the information on this page please read our product research and disclaimer wording.
Your Home is at Risk if you do not keep up with your mortgage repayments.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines.