The 5-year fixed rate mortgage, which is an exclusive to Legal & General Mortgage Club members only, is available to first-time buyers at a rate of 4.59%.
The product has no higher lending fee, a £500 completion fee for loans up to £500,000, and a booking fee of £199.
Martyn Smith, head of mortgage products at the Legal & General Network, said: “A recent survey showed that 30% of brokers would consider changing networks for exclusive products, so we’re delighted to be in a position to offer yet another exclusive mortgage product to our members.
“We continuously work with all our lending partners to secure the best possible deals for our intermediaries and this market-leading Leeds Building Society mortgage for first-time buyers is another excellent example of that.
“This will help many first-time buyers get on the housing ladder without the need for external help and five years is perfect for budgeting. Our own research shows that desire from FTBs to buy is still there and so the ability to secure a home with only a 5% deposit is great news.
“There are growing signs of optimism in the market, and products like this indicate that lenders are also becoming more confident about the market and are increasingly looking at the intermediary sector to achieve their growing appetites.”
Phil Coombes, head of intermediary sales at Leeds Building Society, said: “We are all well aware of the difficulties facing first-time buyers buying a home in situations where they can afford the mortgage repayments but are unable to provide a large deposit.
“Our 4.59% 5-year fixed rate product, available up to 95% LTV, provides security at an affordable rate and will prove attractive to those clients who are ready to take the first step into home ownership.”
