Autumn relaunch for mortgages designed for First Time Buyers
Leeds Building Society has refreshed its mortgage range for autumn with a focus on First Time Buyers.
The revamp includes new versions of the Society's award-winning Welcome Mortgage* - where borrowers can choose to pay 0% interest for up to six months at the start of their term – and the reduction of its two year fixed rate mortgage offered under the Government's Help to Buy equity scheme (HTB1).
There are two new Welcome Mortgages available up to 85% LTV (loan to value) with 0% interest for the first three months – a two year fixed rate at 2.80% and a five year fixed rate at 3.55%.
Both have a low fee of £199 and come with a free valuation and £200 cashback.
In addition, the Society has cut the rate of its two year fixed rate HTB1 mortgage to 2.09%. This is available up to 75% LTV and also comes with a low £199 fee and free valuation.
"It may seem surprising but autumn is generally one of the peak times of year for home purchases," said Martin Richardson, Leeds Building Society's Director of Business Development.
"After a traditional lull during the summer holiday period the market tends to pick up again in September, with many purchasers aiming to complete their home move in time to be settled in by Christmas.
"Our Welcome and Help to Buy mortgages are popular with First Time Buyers so we hope to be able to continue to support this important sector of the property market. In the first half of this year, we helped more than 4,500 First Time Buyers to step onto the property ladder, accounting for 37% of our total lending."
Notes to Editors
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 Development contact.
* Leeds Building Society's Welcome Mortgage offers borrowers a competitive fixed rate and the choice of three or six months at the start of the home loan where they pay 0% interest. The total cost of the Welcome Mortgage is comparable with the Society's standard fixed rate mortgages.
Awards won by Leeds Building Society in the past 12 months include the 'Innovation Award (Lenders)' at the Mortgage Finance Gazette Awards 2015, in addition to being named 'Best Intermediary Lender', both for the second consecutive year. The Society also received the award for 'Best Use of Technology (Lenders)'.
Leeds Building Society has 67 branches throughout the UK, Gibraltar and Ireland and assets of £12.7bn (as at 30th June 2015). The Society has operated from the centre of Leeds since 1886.