Leeds Building Society has launched of two new 5-year fixed rate mortgage products available for up to 95% loan to value (LTV).
The move to add two new 95% LTV products to its mortgage range, means that dreams of homeownership will become achievable for many more aspirational buyers who are struggling to save higher deposits in the current economic climate.
Housing is now at its least affordable point since records began with the average home costing over £294,329 which is over nine times the average salary of £31,928.
Jonathan Thompson, Leeds Building Society’s senior mortgage manager, said: “We know that saving a deposit is a huge barrier to homeownership for many first-time buyers, and we hope that by launching these two new 95% LTV products we can help even more people achieve their dream of getting onto the property ladder.
“With many people concerned with the ongoing economic uncertainty, we wanted to offer customers certainty with their payments.
“I’m confident that these products will be very popular, particularly with first time buyers.”
The first new 5-year fixed rate is available up to 95% LTV, at a rate of 5.05%. It applies to purchase only, has no completion fee and comes with free standard valuation.
The second new 5-year fixed rate is available up to 95% LTV, at a rate of 4.95%. It is purchase only, includes a £999 completion fee and comes with free standard valuation.
This new launch comes as Leeds Building Society celebrates being named “First Time Mortgage Buyers Choice” at the recent Moneyfacts Consumer Awards.
In 2022, the Society helped over 18,000 first-time buyers get a foothold on the housing ladder.
And one in three of all its loans now go to first-time buyers, accounting for almost 4% of the country’s first-time buyer market – well above its normal market share.
