Gibraltar Services
Mortgage Guide
Which mortgage is right for me?
Any of the mortgage types detailed below can be linked to a choice of repayment options. At Leeds Building Society we will never ‘sell’ you a certain type of mortgage – we’ll simply help you decide which one is right for you.
About You
You will need to be aged 18 or over to be eligible for a mortgage. We will undertake a full appraisal of your financial status before granting a mortgage to you.
Fixed Rate Mortgage
This type of mortgage offers you the peace of mind that whatever happens to interest rates, your mortgage repayments won’t be affected during the period that your rate is fixed. At the end of the fixed rate period your loan will normally switch to our Standard Variable Rate applicable at the time.
Discounted Rate Mortgage
This mortgage type gives you a discount off our Standard Variable Rate for a fixed period of time. The rate applying to your account may go up or down in this time, but will always remain at a lower level than would have been the case under our Standard Variable Rate. This option leaves you with lower monthly repayments over a period when you may well appreciate a little extra cash, especially if you’ve just moved into a new home. At the end of the discounted period, your mortgage will normally switch to our Standard Variable Rate of interest applicable at the time.
Tracker Mortgage
This type of mortgage tracks the Bank of England Base Rate. Each time the Base Rate changes, your rate will change in time for your next payment (within 30 days). At the end of the Tracker rate period, your mortgage will normally switch to our Standard Variable Rate of interest applicable at the time.
How long your mortgage will run
We normally lend for up to 25 years but you can choose a shorter or longer period. You should bear in mind that an Early Repayment Charge may be payable depending upon the particular product if you choose to pay off your mortgage or remortgage before the end of any Early Repayment Period (these terms are explained in the ‘Jargon Buster’ section of this guide). If you think you may be able to pay off your mortgage early some of our products may allow you to do this – please ask your Mortgage Advisor.
Mortgages that move with you
Most Leeds Building Society mortgages are portable – which means if you choose to move house, you can simply move your mortgage with you, subject to your income and financial commitments at that time and a valuation of the new property. Please ask your mortgage advisor for full details as terms and conditions apply.