The Leeds has also launched a 3-year fixed rate mortgage at 4.29%. Both products are available for up to 95% loan to value.
Kim Rebecchi, sales and marketing director at Leeds Building Society, said: "In order to improve our proposition further we have cut the rate by 0.50% on our 5-year fixed rate mortgage to 4.99% and launched a new 3-year fixed rate mortgage from only 4.29%.
“Both these products, available up to 95% LTV, have discounted fees and a free valuation thereby providing security at an affordable rate.”
Since the start of the year the society helped 1,716 first-time buyers purchase a home, compared to 1,312 in the corresponding period in 2012.
In terms of market share statistics from the CML have shown a 20.5% increase in the number of first-time buyer cases during January and February this year.
Leeds Building Society's comparison during January and February 2013 is a 79.4% increase (899 in 2013 compared to 501 in 2012).
Rebecchi added: "We have offered mortgages throughout the economic downturn and continue to increase lending, particularly to first-time buyers, through our shared ownership, shared equity and guarantor mortgages.
“Between January and April this year we helped over 1,700 first-time buyers onto the housing ladder which is an increase of over 30% from a year earlier.”
