Leeds Building Society is introducing rate reductions on a selection of mortgage products specifically designed to help first-time buyers.
Starting from 8th December 2023, the society aims to make homeownership more attainable for those with smaller deposits by lowering rates on its high LTV mainstream mortgages and Shared Ownership products.
The rate changes include a 2-Year Fixed Rate Mortgage at 6.08% for 95% LTV with no fee and £500 cashback, and a Shared Ownership 5-Year Fixed Rate Mortgage at 5.78% for a borrower’s share of 95%, also with no fee.
Sean Hanson, senior mortgage manager at Leeds Building Society, highlighted the society’s commitment to first-time buyers: “We understand that saving up and building a deposit is harder than ever for aspirational first-time buyers.
“Borrowers with smaller deposits remain a key focus for us, as we seek to deliver on our purpose to put homeownership within reach of more people.
“We keep our mortgage range under constant review and have decided to improve rates on our higher-LTV mortgages and Shared Ownership product range, which we expect will appeal to first-time buyers.”
He further emphasised the society’s role in the Shared Ownership market: “As the UK’s largest lender on shared ownership, we believe this is the most effective way to lower the deposit hurdle and help more people get a foothold on the property ladder.”
