Leeds launch new FTB cashback mortgage and cut rates

These rate reductions also extend to the Society’s recently launched Income Plus mortgage range, which enhances affordability assessments and allows first-time buyers to borrow an average of up to £52,000 more.

First-time buyers can now access a new five-year fixed mortgage at 4.75%, with an 85% loan-to-value (LTV), no product fee, and £1,000 cashback, while those looking for a shorter-term deal benefit from the lender's two-year fixed rate mortgage being reduced to 5.89% (previously 6.19%), available for residential purchases and remortgages at 90% LTV, with no product fee.

The Income Plus mortgage for first-time buyers has also been reduced to 4.64% (from 4.74%), offering a five-year fixed rate at 85% LTV, with a £999 fee.

Shared ownership buyers will benefit from a five-year fixed rate mortgage at 5.04% (previously 5.19%), available for up to 95% of the buyer’s share, with a £999 fee.

For those seeking a fee-free shared ownership mortgage, Leeds is now offering a 5.27% five-year fixed rate (down from 5.39%), with up to 95% buyer share, no product fee, and £500 cashback on completion.

Jonathan Thompson, Senior Product Manager at Leeds Building Society, said:

“As part of our purpose of putting homeownership within reach of more people, we have taken action to further help those stepping onto the property ladder or looking to remortgage.

“The reductions we have made on rates across our mortgage product range will support more people to make their homeownership dreams a reality and will take financial pressure off households.”