8 Apr

New mortgages 'may benefit homeowners who want to budget'

New mortgages 'may benefit homeowners who want to budget'

Homeowners who are keen to budget may benefit from the launch of new mortgages, it has been claimed.

Leeds Building Society has released new five-year fixed-rate products, with interest beginning at 4.85 per cent.

According to general manager of marketing and business development at the firm Martin Richardson, the offerings - which are available on up to 80 per cent loan-to-value ratios - can help consumers plan.

He said: "Many customers will welcome the ability to budget and limit their monthly outgoings, particularly existing mortgage customers who may be coming to the end of their current deal."

Mr Richardson added that the deals are a good chance for people to lock into low fixed payments before rates rise.

In a new development, the Bank of England's Monetary Policy Committee has kept the base rate of interest at its current level of 0.5 per cent - a decision that was widely predicted by experts.

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