The Leeds and Holbeck Building Society was officially established in 1875. Today it is the 8th largest building society in the UK. The Leeds & Holbeck shortened its name to the Leeds Building Society in 2005. It is a mutual society, which means it is owned by its member and not shareholders, and it is committed to remaining mutual. It has 57 branches throughout the UK, 29 in Yorkshire, and an outlet in Gibraltar.
The Leeds has the following types of mortgages:
Fixed Rate
Discounted Rate
Tracker
Offset
Flexible
Capped
Fixed Rate: with this type of mortgage your initial rate will be fixed for an agreed period. Leeds offer fixed rate mortgages for 2, 3, 5, 15, 20 and 25 years. After the fixed rate period has concluded the mortgage rate will convert to the Society’s standard variable rate for the remaining mortgage term.
Early repayment charges may apply
A completion fee may apply
Discounted Rate: with this type of mortgage your initial rate will be set at a discount off the Society’s standard variable rate. This may be subject to change as interest rates rise or fall. Your discount is set for an agreed interval and your rate will relapse to the Society’s standard variable rate for the remainder of the mortgage term.
Early repayment charges may apply
A completion fee may apply
Tracker Rate: with this type of mortgage your rate tracks the Bank of England base rate, added to it a charge applied by Leeds. This tracker rate is applied for the first 3 years of your mortgage. Then your mortgage will convert to the Society’s standard variable rate for the rest of the mortgage period.
There is a fee’ free mortgage option
Early repayment charges apply for the first 3 years
A completion fee may apply
Offset: this type your mortgage is linked to your savings, which is offset against your mortgage. Your monthly repayments will therefore be lower. You can still access your savings at any time. You have the choice of a 2 year, 5 year and lifetime offset mortgage. When the offset period is over the rate will convert to the standard variable rate.
Early repayment charges may apply
A completion fee may apply
Flexible: this mortgage is set at a variable discount rate for the first 3 years. You can make underpayments, take advantage of a borrow back facility and take payment holidays. These are all allowed provided you have made sufficient overpayments.
There is no early repayment charge
Interest is calculated daily
A completion fee is applicable
Capped: with this type of mortgage your rate will not go above an agreed level for a set period, as in a fixed mortgage. However, if the Society’s standard variable rate falls the rate of your mortgage rate will also fall to an agreed level. At the end of the capped period your rate will go back to the Society’s standard variable rate.
An early repayment charge applies for the first 4 years
A completion fee is applicable
Buy to Let: these mortgages are offered to people who want to buy a property for investment purposes, to let. The Leeds has a number of different Buy to Let mortgages types:
Fixed
Tracker
Variable
Fixed: the rate is fixed for a set period. The Leeds has two different fixed mortgages both set on a 5 year period. The mortgage rate will then go back to the Society’s standard variable rate.
An early repayment charge applies during the fixed rate period
Tracker: your rate will be set according to the Bank of England base rate plus a charge set by the Leeds. After a 5 year period the rate will then go back to the Society’s standard variable rate.
An early repayment charge applies for the tracker rate period
Variable: this is set at the Leeds standard variable rate in addition to a charge for all the mortgage term.
First Time Buyer: this type of mortgage is offered to first time buyers seeking to borrow 100% of the value of the property they are trying to buy. The Leeds has the following types of First Time Buyer mortgages:
Fixed
Variable
Fixed: you can choose from a 3 year and 5 year fixed rate mortgage. After the fixed period your rate will convert to the Society’s standard variable rate.
An early repayment charge may apply
There are no completion fees.
Variable: your rate is set at the Society’s standard variable rate minus a discount for the first 3 years. It then converts to the standard variable rate remaining mortgage term.
An early repayment charge applies for the first 3 years.
Shared Ownership: this mortgage is made to finance the purchase of a home for the borrower by sharing the cost of the mortgage with a Housing Association. The borrower purchases part of the property and rents the remainder from the housing association.
Under The Leeds arrangement, you can purchase a minimum amount of 25% of the property value. The remainder of the property value can be purchased over time from the housing association until you own the property altogether. The Leeds has two types of Shared Ownership mortgages:
Fixed
Discount
Fixed: this mortgage rate is fixed for a 5 year period. You can borrow up to 100% of the loan you need. At the end of the fixed period your rate will be at the Society’s standard variable rate.
An early repayment charge applies for the fixed period
Discount: your rate is set at a discount for the first 5 years, after which your rate will be at the Society’s standard variable rate. You can borrow up to 100% of the loan you need.
An early repayment charge applies for the discount period