Rate cuts include two-year fixes at 75% and 80% LTV
Leeds Building Society has announced that it has lowered rates on its 75% and 80% loan-to-value (LTV) mortgage products.
The mutual’s latest rate reductions include two-year fixes with £999 fee at 75% and 80% LTV, with rates now starting from 5.23% and 5.60%, respectively.
The lender said it made the rate cuts following the UK central bank’s decision to hold rates at 5.25% for the second time in a row.
“The Bank of England’s decision yesterday to hold interest rates will come as good news for homeowners and those looking to step onto the property ladder,” commented Sean Hanson, senior mortgage manager at Leeds Building Society.
“Despite rates staying flat, we are pleased to be able to make further rate reductions to support first-time buyers and borrowers who are coming towards the end of their current mortgage term.”
A recent report from Leeds has revealed that barriers to home ownership have been rising for the past 40 years, with last year’s first-time buyers having to pay 16 times more for homes than they did in 1982. It also showed that there were 25% fewer first-time buyers so far in 2023 than in 2022, and 40% fewer than in 2021.
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