Leeds set to boost first time buyer support with rate reductions

Leeds Building Society is continuing its support for first time buyers through a range of rate reductions on high LTV (loan to value) and Help to Buy mortgages.

The Society has announced up to 0.33% reduction on its two and five year 95% LTV range. The products, which come with free standard valuation and will launch on 22 February, include:

2.74% two year fixed rate up to 95% LTV with a £999 product fee

3.09% two year fixed rate up to 95% LTV with no product fee

3.79% five year fixed rate up to 95% LTV with no product fee

Matt Bartle, Leeds Building Society’s Director of Products, said: “Our mission as a building society is to help people save and have the home they want so we continue to look for ways to help more first time buyers.

“Our latest high LTV deals will assist homebuyers with smaller deposits, which suits those looking to buy a home for the first time.”

The Society is also reducing rates on its Help to Buy range by up to 0.23% as it continues to support this market, building on its recent history as the first lender to offer Help to Buy remortgages.

The refreshed Help to Buy range, which also launches on 22 February, includes two no fee cashback products:

2.29% two year fixed rate up to 75% LTV with free standard valuation and £500 cashback and no product fee

2.49% five year fixed rate up to 75% LTV with free standard valuation and £500 cashback and no product fee

Matt added: “As a Society we have been a long-time supporter of the Help to Buy market and have continued to innovate in this space, becoming the first lender to accept remortgages.

“All of our Help to Buy products remain available for both purchase and remortgage applications as we retain our focus on assisting borrowers not well served by the wider market.

“The reduced deals, as well as the cashback incentives, are further examples of offering greater choice to borrowers to help them find products that suit their individual needs. Cashback can provide additional flexibility and cash during what can be an expensive time for home buyers.”

In addition to Help to Buy and traditional high LTV mortgages that help borrowers with smaller deposits, the Society also has expertise and experience within the Shared Ownership market.