95% LTV cashback mortgage among the newly launched products
Leeds Building Society has added new products to its range of two-year fixed rate mortgages, including a deal up to 95% loan-to-value (LTV) with a £250 cashback and no completion fee.
The lender said its 95% LTV product has a rate of 5.55%, while those with loan-to-values of 90% and 65% have rates of 5.10% and 4.42% respectively.
Each comes with a free standard valuation and has no completion fee. The lender also allows 10% capital overpayments each year without penalty, and the products have tapered early redemption charges of 2.5% and 1.5% of the amount redeemed.
The new two-year fixed rate deals are available from Friday, April 14.
“We continue to see strong demand for higher LTV mortgages and remain focused on helping borrowers with smaller deposits,” Jonathan Thompson (pictured), senior mortgage manager at Leeds Building Society, said.
“Last year, about one in three of all our new mortgages went to first-time buyers so we want to build on that success as we work towards our purpose of putting homeownership within reach of more people.”
Thompson added that as the 95% LTV would likely attract those taking their first steps on to the property ladder, Leeds added a cashback at completion to support borrowers who might need the additional funds.
“Supporting first-time buyers is important to us as a mutual, and also because this group is the lifeblood of a healthy housing market,” he stated. “But we’ve not forgotten homebuyers and remortgagors further up the ladder and have refreshed our rates at lower LTVs too.”
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