Leeds Building Society is reducing rates across its residential and first-time buyer mortgage ranges by up to 35bps, as well as also introducing new products for first-time buyers at both 90% and 95% LTV.
Available from tomorrow, a first-time buyer two-year fixed rate is reducing by 35bps to 3.99%, available up to 80% LTV with a £1,499 fee. At 95% LTV, a first-time buyer two-year fix is reducing to 4.89% with no fee.
A residential two-year fix at 65% LTV is down by 10bps to 4.05% with no product fee.
Among the new products is an Income Plus five-year fixed rate at 95% LTV, available at 4.94% with a £999 fee.
These products are the latest in a series of updates the Society has made to support first-time buyers, including reducing the household income needed to borrow more than 4.5 times annual income from £40,000 to £30,000.
The lowered minimum income level of £30,000 applies to all the Society’s residential first-time buyer products, including 5% deposit mortgages. It also applies to its Income Plus range, which is designed to support first time buyers by allowing up to 5.5 times the applicant's annual income.
Jonathan Thompson, senior product and pricing manager at Leeds Building Society, said: “At Leeds Building Society, we’re committed to putting homeownership within reach of more people. The new and competitive rates we’ve launched today will do exactly that, supporting both home movers and first-time buyers to purchase their dream homes.”
