It also launches new two- and three-year residential products
Leeds Building Society has announced reductions to selected fixed rate products, aimed at helping homeowners, landlords, and first-time buyers access more affordable options.
Effective today, July 8, residential rates will be reduced by up to 15 basis points (bps), shared ownership by up to 20bps, and limited company buy-to-let rates by up to 50bps.
Among the repriced products, the 90% LTV two-year fixed rate is available at 5.99%, down from 6.14%. This product has no completion fee, is available on remortgaging only, includes a free standard valuation up to £999, and features a fees-assisted in-house legal service.
The mutual’s 65% LTV three-year fix is now available at 4.89%. It has no completion fee, is available for new purchases and remortgaging, includes a free standard valuation up to £999, and features a fees-assisted in-house legal service for remortgages.
Also available is an 80% LTV limited company buy-to-let five-year fix with a rate of 5.89%, down from 6.39%. This product has a completion fee of £1,999 and is available for new purchases and remortgaging.
The UK’s fifth largest building society has also introduced new two- and three-year residential mortgages at loan-to-value (LTV) ratios of 65%, 75%, and 85%.
Its new shared ownership five-year fix is available up to 85% borrower share with a fixed rate of 4.79%, down from 4.89%. It has no completion fee, includes £500 cashback on completion, is available for new purchases and remortgaging, and includes a free standard valuation up to £999.
“The Bank of England’s Financial Stability Report warned that over three million borrowers could face significant increases in their mortgage payments in the next two years,” said Jonathan Thompson, senior mortgage manager at Leeds Building Society. “Our revised mortgage offerings aim to alleviate some of the pressure on homeowners nearing the end of their fixed-term rates.
“For first-time buyers, we hope our rate reductions make homeownership more attainable. We are pleased to expand our range with new standard residential and shared ownership mortgage products.
“We’ve made these changes to offer brokers, buyers, and homeowners greater choice as rates drop across the market. We will continue to assess our products to support new and existing members.”
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