"We’ve implemented these changes to give brokers, buyers and homeowners greater choice as rates drop across the market"
- Jonathan Thompson, senior mortgage manager at Leeds BS
Leeds Building Society has announced reductions to selected fixed rate mortgage products.
From Monday, selected residential rates will be reduced by up to 15bps, shared ownership by up to 20bps and limited company buy-to-let rates by up to 50bps.
The largest reduction of 0.50% has been applied to a limited company buy-to-let five-year fixed rate, down to 5.89% at 80% LTV with a £1,999 fee. The rate is available on both new purchases and remortgaging.
Residential highlights include a two-year fixed rate remortgage product, down by 15bps to 5.99% at 90% LTV, with no completion fee, a free standard valuation and the Society's fees assisted in-house legal service.
In addition, the Society has announced new product launches including new two and three-year residential mortgages at 65%, 75% and 85% LTV.
A new three-year fixed rate, available for purchase and remortgage, has launched at 4.89% with no completion fee, free standard valuation and fee-assisted legals for remortgages.
Leeds has also launched a new shared ownership five-year fixed rate, available for purchase or remortgage up to 85% borrower share at 4.79%. The product comes with no completion fee, free valuation and £500 cashback.
Jonathan Thompson, senior mortgage manager at Leeds Building Society, said: “Last week the Bank of England released its biannual Financial Stability Report which warned that more than three million borrowers could face shock increases in their mortgage payments over the next two years. The changes we have made to our mortgage range will hopefully go some way to alleviating the pressure on homeowners who are coming towards the end of their fixed-term rate.
“For aspiring first-time buyers, we hope that the rate reductions we’ve made will help put homeownership within closer reach and we are pleased to add new standard residential and shared ownership mortgage products to our range.
“We’ve implemented these changes to give brokers, buyers and homeowners greater choice as rates drop across the market, and we continue to assess our range of products in support of new and existing members.”
