Leeds Building Society is set to reduce rates across its residential and first-time buyer mortgage ranges by up to 0.35% from tomorrow, Friday 29th August.
The society is also introducing new products at 90% and 95% loan-to-value (LTV) to support borrowers with smaller deposits.
The society said the changes are part of a broader effort to improve affordability for first-time buyers.
Earlier this year, it lowered the minimum household income required to borrow more than 4.5 times annual income from £40,000 to £30,000.
This lower threshold now applies across all first-time buyer products, including 5% deposit mortgages, as well as the society’s Income Plus range, which allows borrowing up to 5.5 times income.
Among the new products is an Income Plus 5-year fixed rate at 4.94% with a £999 completion fee, available up to 95% LTV.
It includes a free standard valuation, tapered early repayment charges (ERCs), and the ability to make penalty-free capital overpayments of up to 10% each year.
Other rate reductions include a first-time buyer 2-year fixed rate at 80% LTV, which has been reduced by 0.35% to 3.99% with a £1,499 completion fee, and a first-time buyer 2-year fixed rate at 95% LTV, reduced by 0.09% to 4.89% with no fee.
In addition, a residential 2-year fixed rate at 65% LTV has been cut by 0.10% to 4.05% and comes with no fee, free standard valuation and free assisted legals.
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.”
