Thursday, Nov 16, 2006

Ten year fixed rate mortgage from Leeds Building Society

Money News: Leeds Building Society Ten Year Fixed Mortgage Launched

Leeds Building Society has launched its new ten-year fixed-rate mortgage aimed at first-time buyers who may be struggling to get a foot onto the property ladder.

Posted by jellycaster @ 12:11 PM (460 views)
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6 Comments

1. denzil said...

It's actually not too poainful a rate even though the cost for comparison is 5.6%.
The reality is this mortgage does nothing to help a FTB.
How does knowing what your interest rate will be in 2,4,6,7, or 10 years time help a FTB? That's right it doesn't.

BTW Money News looks little more than a site paid for by companies that advertise their products.

Thursday, November 16, 2006 12:51PM Report Comment
 

2. bidin'matime said...

It means avoiding the likely further rises over that period..

Note to self - avoid investing money in Leeds BS.

Thursday, November 16, 2006 01:12PM Report Comment
 

3. sold 2 rent 1 said...

This says more about the long term direction of interest rates than anything else.

Thursday, November 16, 2006 02:08PM Report Comment
 

4. Nash said...

"This says more about the long term direction of interest rates than anything else."

possibly or it might indicate Leeds BS want's to drum up some business, with the knowlege that there are allot of BLT's out there who are getting a little warm under the collar?

Thursday, November 16, 2006 04:25PM Report Comment
 

5. sirgoogle said...

"January 1st 2017 and will then switch to the Bank of England Base Rate as well as 0.95 per cent."

I bet that there is some small print that says that if the BoE rates are X times higher than current that they will apply more than .95%. There is no way they (the BS) would expose themselves to any risk.

Thursday, November 16, 2006 08:59PM Report Comment
 

6. inbreda said...

The banks pick up money to fund their mortgages (often) from the money markets, where they are able to get fixed rates themselves from what is on offer.

The Leeds BS may be intentionally picking up long term fixed money in an intentional effort to skew their customers more towards long term fixed rates.

Perhaps they are trying to improve their future default levels?

Friday, November 17, 2006 01:51PM Report Comment
 

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