It reduces rates on higher LTV mortgages
Leeds Building Society has enhanced selected short-term fixed rate deals, including products at 90% and 95% loan-to-value (LTV).
The lender’s two-year fix at up to 95% LTV with a £250 cashback now has a rate of 6.94%, while the two-year fix at up to 90% LTV now has a rate of 6.49%. The rate of its shared ownership three-year fix at up to 95% borrower is now 6.59%. These mortgage deals include a free standard valuation and have no completion fee.
“We’ve reduced rates on existing residential two- and three-year fixes by up to 0.20%, and have expanded the choice of products above 75% LTV,” said Jonathan Thompson, senior mortgage manager at Leeds Building Society.
“As a key lender in the affordable housing sector, we’ve refreshed this range too, introducing some new shared ownership deals with fixed rates for two-, three- or five years, for borrower share of 85% or higher.”
Having just reported results for the first half of the year – when almost half of all its new borrowers were first-time buyers – the mutual said it wanted to show its support for affordable housing schemes and homebuyers looking to step onto the housing ladder.
“We were proud our H1 results showed how we’re delivering on our purpose to put home ownership within reach of more people, and we’ll continue to seek more ways we can do this,” Thompson added.
“Already this year, we’ve innovated to support first-time buyers, to help them build up a deposit or boost their credit score to improve their chances of a successful mortgage application. Our Home Deposit Saver is a regular savings account with a £500 bonus when the saver receives their mortgage offer from the society.
“Our unique partnership with Experian is supporting mortgage applicants – the free Experian Boost service takes into account regular current account payments when assessing an applicant’s credit score, providing more data about their repayment habits and potentially boosting their score.”
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