Welcome mortgages

The Welcome mortgage is a new product and we were the first to bring it to market! Moving home has its challenges. Not only is there the deposit, fees and legal costs you need to pay, but the fun stuff such as decorating, buying new furniture and making any home improvements can all add up, too.

The Welcome mortgage is an innovative mortgage, which could help you with the routine costs and challenges of moving into your new home. The mortgage works by reducing the interest rate to 0% for the first few months of the term. However you will still be required to pay a monthly payment during this period, in respect of capital. The interest discount is calculated and repaid over the remaining term of your mortgage.

You can choose from applying online¹ (unless otherwise stated below) or over the phone, and can even use our mortgage calculator and get a decision in principle today.

Warning: THE MORTGAGED PROPERTY (WHICH MAY BE YOUR HOME) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Purchase Only 5 Year Welcome Rate Mortgages

Initial fixed rate first 3 monthsThen changing to the Society's SVR less a discount, up to and inc. 29/02/2023, (currently)Then the Society's SVR thereafter (currently)Overall cost for comparison (APRC)Max LTVProduct Fee
0.00%2.53%5.69%4.4%85%£0 View
Max loan amount £500,000
0.00%3.17%5.69%4.7%90%£0 View
Max loan amount £500,000
RATES CORRECT AS AT 10 NOV 2017

Warning: Your home may be repossessed if you do not keep up repayments on your mortgage.

Representative Example

A mortgage of £120,000.00 payable over 25 years initially on a fixed rate for 3 months at 0.00% and then a fixed rate for 57 months at 3.17% and then on our current Standard Variable Rate of 5.69% for the remaining 20 years would require 3 monthly payments of £400.00, 57 monthly payments of £577.24 and 240 monthly payments of £715.93.

The total amount payable would be £205,960.03 made up of the loan amount plus interest of £85,925.03 and application fee £0, product fee £0, valuation fee £0.

The overall cost for comparison is 4.7% APRC representative.

This representative example assumes a mortgage completion date on the 1st day of a calendar month.

The above representative example is for illustration purposes only and may vary depending on your personal circumstances.

These products are only available for house purchases. A product fee is payable on application but is refundable should the mortgage not complete. A mortgage exit fee of £199 will apply.

  • 10% capital repayments are allowed each year without incurring an Early Repayment Charge.
  • Tapered Early Repayment Charges apply up to and including 31 Jan 2023.
  • Free standard valuation up to £999.
  • Interest calculated daily.
  • Maximum loan £500,000.
  • Only available for house purchases.

¹If you apply for a mortgage online you will not receive advice from Leeds Building Society. You will need to make your own choice about which mortgage is suitable for you and we will not assess the suitability of that mortgage to your needs and circumstances. You will not benefit from the protections offered by an advised service. This is called an execution only transaction. If you would like to receive advice from us please call into one of our branches (find a branch) or contact us on 03450 50 50 75 .