Leeds Building Society has made rate reductions on selected products aimed at first-time buyers.
Rate reductions have been made to the higher LTV (loan to value) mainstream mortgage range and Shared Ownership products.
Details are as follows:
2-Year Fixed Rate Mortgage: 6.08%
- 95% LTV
- Initial Rate: 6.08%
- £0 Fee
- £500 Cashback
- Term: 2 years, until 31/03/2026
Shared Ownership 5-Year Fixed Rate Mortgage: 5.78%
- Borrower share – 95%
- Initial Rate: 5.78%
- £0 Fee
- Term: 5 years, until 28/02/2029
Sean Hanson, senior mortgage manager at Leeds Building Society, said: “We understand that saving up and building a deposit is harder than ever for aspirational first-time buyers. Borrowers with smaller deposits remain a key focus for us, as we seek to deliver on our purpose to put home ownership within reach of more people.
“We keep our mortgage range under constant review and have decided to improve rates on our higher LTV mortgages and Shared Ownership product range, which we expect will appeal to first time buyers.
“As the UK’s largest lender on shared ownership, we believe this is the most effective way to lower the deposit hurdle and help more people get a foothold on the property ladder..”