Leeds BS cuts rates on FTB products

Rate reductions will be made to the higher LTV mainstream mortgage range and shared ownership products and will be effective from tomorrow (Friday 8th December).

Products now include a 2-year fixed rate at 6.08%, available up to 95% with no fee and £500 cashback and a shared ownership 5-year fixed rate at 5.78%, with the borrower share of 95% and no fee.

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”.