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Leeds slashes rates by up to 0.70% on first time buyer mortgages

Leeds slashes rates by up to 0.70% on first time buyer mortgages

Leeds Building Society has reduced the rates by up to 0.70% on its shared ownership mortgages, which have been specifically designed to help first time buyers (FTBs) onto the housing ladder, and are available up to 95% of the borrowers share.

The rates have been reduced by 0.70% and 0.60% on the 2-Year Discount product, available up to 95% and 80% of the borrower’s share respectively, and by 0.30% on the 2 and 3-Year Fixed Rate products, available up to 95% and 80% of the borrower’s share.

Kim Rebecchi, Leeds Building Society Sales and Marketing Director said, “We are all well aware of the difficulties facing first time buyers. They can often struggle to meet the full asking price or their current income is insufficient to support a full mortgage.

“There is no doubt that these shared ownership products offer FTBs a viable way onto the housing ladder and are ideal for people who have saved a small deposit but cannot buy a property in their own right. These mortgages will prove attractive to anyone who is ready to make the first step into home ownership.”

For more information, customers can call into their local branch, or visit the website at www.leedsbuildingsociety.co.uk. Alternatively call the Society’s mortgage hotline, on 08450 540 994, where qualified mortgage advisors are available 7 days a week from 8am to 8pm in the Leeds based call centre.

Ends

Notes to Editors

Key features

Shared Ownership 1.40% 2 Year Discount

  • 1.40% 2 Year Discount (currently 4.29%)
  • Available up to 80% of the borrowers share (maximum 75% overall loan to value)
  • No Higher Lending charge
  • £199 booking fee
  • No completion fee
  • Free standard valuation up to £335
  • Tapered early repayment charges of 3% of the amount redeemed in year 1 and 2% in year 2.

Shared Ownership 0.70% 2 Year Discount

  • 0.70% 2 Year Discount (currently 4.99%)
  • Available up to 95% of the borrowers share (maximum 75% overall loan to value)
  • No Higher Lending charge
  • £199 booking fee
  • No completion fee
  • Free standard valuation up to £335
  • Tapered early repayment charges of 3% of the amount redeemed in year 1 and 2% in year 2.

Shared Ownership 2 Year Fixed Rate up to and including 31 December 2015

  • 3.99% available up to 80% of the borrowers share (maximum 75% overall loan to value)
  • 4.29% available up to 85% 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

Shared Ownership 3 Year Fixed Rate up to and including 31 December 2016

  • 4.69% available up to 90% of the borrowers share (maximum 75% overall loan to value)
  • 4.99% available up to 95% of the borrowers share (maximum 75% overall loan to value)
  • No Higher Lending charge
  • Free standard valuation up to £335
  • £100 Completion Fee
  • £199 Booking Fee
  • Tapered early repayment charges of 4% of the amount redeemed in year 1, 3% in year 2 and 2% in year 3

Leeds Building Society has assets of £10.8bn (as at 30 June 2013) and 67 branches throughout the UK, Gibraltar and Ireland. The Society has operated from the centre of Leeds since 1886.