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Leeds cuts rate by 0.70% to help first time buyers

Leeds Building Society has reduced the rate on its 2 year fixed rate shared ownership mortgage, available up to 95% borrower’s share, by 0.70% to 4.99%. This product, with one of the lowest rates in the market and designed to help first time buyers onto the housing ladder, also offers a free standard valuation up to £335 and has no higher lending charge.

Phil Coombes, Leeds Building Society’s Head of Intermediary Sales said, “We are all well aware of the difficulties facing first time buyers buying a home. They can often struggle to meet the full asking price or their current income is insufficient to support a full mortgage.

“Our 2 year fixed rate shared ownership product, at only 4.99% following a rate cut of 0.70%, is ideal for clients who have saved for a deposit but cannot buy a property in their own right. There is no doubt that this product will prove attractive to those clients who are ready to make the first step into home ownership.”

To discuss a new case with one of our mortgage development team, mortgage introducers should go to www.leedsintroducer.co.uk to find details of their nearest Business Developer contact.

Ends

Notes to Editors

Key Features

Shared Ownership 2 Year Fixed Rate Introduced

  • 4.99% fixed up to and including 31 March 2015
  • Available up to 95% of the borrowers share (maximum 75% overall loan to value)
  • No Higher Lending charge
  • Free standard valuation up to £335
  • £200 Completion Fee
  • £199 Booking Fee
  • Tapered early repayment charges of 3% of the amount redeemed in year 1 and 2% in year 2

Leeds Building Society has assets of £10bn (as at 30 June 2012) and 67 branches throughout the UK, Gibraltar and Ireland. The Society has operated from the centre of Leeds since 1886.

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