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Leeds Building Society launches fixed rate mortgage

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Mortgage lender Leeds Building Society has announced that it will introduce a two year fixed rate mortgage deal.

The mortgage lender also states that its new two year fixed rate mortgage will help first time buyers and young professionals get onto the property ladder.

With a fixed interest rate of 1.89 per cent over the first two years, the mortgage lender states that the mortgage will help mortgage borrowers minimise their outgoings for the first few years before the mortgage reverts to a standard variable rate deal.

Commenting on the product, Karen Wint, head of marketing and PR at Leeds Building Society, said: This [mortgage] will enable many first time buyers get a foot on the housing ladder and benefit from any growth in the housing market.

Ms Wint added that the mortgage lender expects the mortgage to be popular among first time buyers as the low fixed rate element could help first time buyers get onto the property ladder.

The mortgage also allows people to borrow 95 per cent loan to value and pay of ten per cent in capital repayments without penalty.

Leeds Building Society is the eighth largest building society in the UK with assets totalling �6.1 billion.

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