Leeds Building Society launch 5% deposit mortgage

Trinity Financial has secured access to the Leeds Building Society's three-year fixed rate mortgage at 4.89%. It is available to borrowers with a 5% deposit and it has a £199 arrangement fee. The mortgage is available for both property purchases and remortgages, it also comes with a free valuation although this is capped at £335. The maximum loan size is £300,000. After the three-years the mortgage will revert to the Leeds standard variable rate at 5.69% and borrowers can overpay 10% of the outstanding balance each year. Chancellor George Osborne has said the lack of 5% deposit mortgages is a "social problem" and that the average first time buyer has a 20% deposit, rather than a 10% deposit. If you would like help to secure a mortgage, call us on 020 7016 0790. September 13, 2013