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First-time Buyers

95% cashback mortgages launched by Leeds

Christina Hoghton
Written By:
Christina Hoghton
Posted:
Updated:
14/04/2023

The deals are available to those with just a 5% deposit to put down on a property

Leeds Building Society has introduced new two-year fixed rate mortgages, including a product up to 95% of the property’s value, with £250 cashback and no completion fee.

The mutual’s latest deals include a two-year fixed rate at 5.55% up to 95% loan-to-value, with £250 cashback on completion. There’s also a two-year fixed rate at 5.10% up to 90% LTV or 4.42% up to 65% LTV.

Each comes with a free standard valuation and has no completion fee.

“We continue to see strong demand for higher LTV mortgages and remain focused on helping borrowers with smaller deposits,” said Jonathan Thompson, senior mortgage manager at Leeds Building Society.

“Last year about one in three of all our new mortgages went to first time buyers so we want to build on that success as we work towards our purpose of putting home ownership within reach of more people.

“As the 95% LTV is likely to appeal to those taking their first steps onto the property ladder we’ve added cashback at completion, which we know is a time when money can be tight with lots of costs due at the same time.

“Supporting first time buyers is important to us as a mutual and also because this group is the lifeblood of a healthy housing market. But we’ve not forgotten homebuyers and remortgagors further up the ladder and have refreshed our rates at lower LTVs too.”