Customers can save around £300 per month on the improved rates
Leeds Building Society has reduced rates on products across its mortgage range, potentially saving its members hundreds of pounds on their monthly mortgage payments.
The mutual said it expects the rate adjustments – benefiting brokers, homeowners seeking mortgage renewals, and first-time buyers – to bring a positive start to the new year for many.
“In support of our purpose of putting homeownership within reach of more people, we have decided to start strong in 2024 by making reductions on rates across our mortgage product range to support more people onto and up the property ladder,” commented Matt Bartle, director of products at Leeds Building Society.
“In 2023, the mortgage market was constrained due to the ongoing pressure of the increasing cost of living, but as a lender, we want to play our part to try to overcome the hurdles people face and help more people into homeownership.”
Included in the latest rate cuts are the lender’s Hero products, including two-year fixes available at up to 75% loan-to-value with rates of 4.60% and 5.59%, respectively.
The two-year fixed rates also carry a completion fee of £999, a free standard valuation up to £999, early redemption charges (ERCs) of 2.5% and 1.5% of the amount redeemed, and 10% penalty-free capital overpayments per annum.
Also repriced is the shared ownership five-year fixed rate deal, available up to 95% borrower whare. The rate is fixed rate at 5.59%, with no completion fee, and with free standard valuation, ERCs of 5%, 5%, 4%, 3%, and 2% of the amount redeemed, and 10% penalty free capital over repayments allowed each year.
Leeds’ buy-to-let two-year fixed rate at up to 60% LTV also had its rate slashed to 5.55%. It features no completion fee, free standard valuation, early redemption charges of 2.5% and 1.5% of the amount redeemed, and 10% penalty-free capital over repayments allowed each year.
According to the lender, a typical customer could save around £300 per month on these improved rates.
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