Effective immediately, Leeds Building Society has reduced rates across its Reach Mortgages range by up to 0.43%.
In December, the society launched Reach Mortgages to offer eligible customers with smaller deposits a new range of fixed rate mortgage options if their credit score doesn’t qualify for one of the Society’s standard mortgage products.
These reductions come as the society aims to enable more aspiring homeowners onto the property ladder and to help those looking to remortgage their existing home.
Highlights from the new rate reductions include a 2-year fixed rate Reach residential up to 90% loan-to-value (LTV) at 5.35%, with no completion fee, free standard valuation and tapered Early Repayment Charges (ERCs).
In addition, a Reach residential 5-year fixed rate up to 95% LTV at 5.09% is also available, and comes with £999 completion fee, Free standard valuation, and tapered ERCs.
Reach Mortgages are available to customers applying for a mortgage which is greater than 75% loan to value as 2-year, 3-year, and 5-year fixed rate mortgages, offering a choice of fixed rate periods, product fees and loan-to-value tiers.
Jonathan Thompson, senior products & pricing manager at Leeds Building Society, said: “The feedback received from brokers since we launched Reach Mortgages in December has been positive.
“The products offer solutions for those who may have otherwise faced the possibility of being turned down for a mortgage, and product features and the sales process are the same as with our standard mortgage products.”
He added: “In support of our purpose of putting homeownership within reach of more people, we have decided to make reductions on rates across our Reach Mortgage product range to support more people onto, and up, the property ladder.”
