Demand for its products spikes after implementing rate reductions earlier this month
Responding to heightened demand driven by rate cuts earlier this month, Leeds Building Society has announced further reductions, extending support to brokers, homeowners seeking mortgage renewals, and first-time buyers.
As a result of the latest reprice, a residential two-year fix at up to 65% loan-to-value (LTV) with a £999 fee payable upon completion now has a rate of 4.43%, while a residential two-year fix at up to 95% LTV with no completion fee is priced at 5.49%. There is also a shared ownership five-year fix at up to 95% borrower share, available at a rate of 5.26%.
All the abovementioned products come with free standard valuation, tapered early repayment charges, and with 10% penalty free capital over repayment allowed each year.
Leeds said it witnessed its busiest first working day ever after opening the new year with rate reductions on its mortgage products.
“Including the changes made two weeks ago, we’ve now cut rates on 68 products this month and introduced 10 new residential products,” Jonathan Thompson, senior product and pricing manager at Leeds Building Society, said.
“With an average reduction of 0.37%, these changes will take hundreds of pounds off the price of an average residential reversionary rate for those who are nearing the end of their current mortgage. We also hope these reduced rates will help many aspirational first-time buyers take their first step on to the property ladder.”
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