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Leeds chops mortgage rates for buyers and remortgagors

Leeds chops mortgage rates for buyers and remortgagors
Christina Hoghton
Written By:
Christina Hoghton
Posted:
09/02/2024
Updated:
09/02/2024

Leeds Building Society has reduced interest rates on products across its mortgage range.

The mutual said it has made the cuts to enable more aspiring homeowners to get onto or move up the property ladder, and to help those looking to remortgage their existing home.

The lender has made reductions of up to 0.32 percentage points across 27 products.

The changes affect standard residential mortgages, the Society’s Reach mortgage range and Shared Ownership products.

What’s new?

Highlights of the new range include:

A fee-free residential five-year fixed rate at 4.39% up to 95% of the property’s value, and a fee-free shared ownership two-year fixed rate at 5.14%, available up to 90% of the borrower’s share of the property.

Jonathan Thompson, senior products and pricing manager at Leeds Building Society, said: “Our purpose is to put homeownership within reach of more people, and the changes we’re making on our mortgage rates will enable more people to take their first step onto, or next step up the property ladder.

“Throughout January, we saw a six per cent increase in applications by first-time buyers versus the same month last year, which suggests that consumer confidence is increasing.

“We are particularly pleased to be able to offer our members even better value on our Shared Ownership mortgage range, a tenure which we see as a crucial part of the housing mix and a vital route for many aspirational homeowners to get onto the property ladder.”