Back to February 2019

Leeds set to boost first time buyer support with rate reductions

Leeds Building Society is continuing its support for first time buyers through a range of rate reductions on high LTV (loan to value) and Help to Buy mortgages.

The Society has announced up to 0.33% reduction on its two and five year 95% LTV range. The products, which come with free standard valuation and will launch on 22 February, include:

  • 2.74% two year fixed rate up to 95% LTV with a £999 product fee
  • 3.09% two year fixed rate up to 95% LTV with no product fee
  • 3.79% five year fixed rate up to 95% LTV with no product fee

Matt Bartle, Leeds Building Society’s Director of Products, said: “Our mission as a building society is to help people save and have the home they want so we continue to look for ways to help more first time buyers.

“Our latest high LTV deals will assist homebuyers with smaller deposits, which suits those looking to buy a home for the first time.”

The Society is also reducing rates on its Help to Buy range by up to 0.23% as it continues to support this market, building on its recent history as the first lender to offer Help to Buy remortgages.

The refreshed Help to Buy range, which also launches on 22 February, includes two no fee cashback products:

  • 2.29% two year fixed rate up to 75% LTV with free standard valuation and £500 cashback and no product fee
  • 2.49% five year fixed rate up to 75% LTV with free standard valuation and £500 cashback and no product fee

Matt added: “As a Society we have been a long-time supporter of the Help to Buy market and have continued to innovate in this space, becoming the first lender to accept remortgages.

“All of our Help to Buy products remain available for both purchase and remortgage applications as we retain our focus on assisting borrowers not well served by the wider market.

“The reduced deals, as well as the cashback incentives, are further examples of offering greater choice to borrowers to help them find products that suit their individual needs. Cashback can provide additional flexibility and cash during what can be an expensive time for home buyers.”

In addition to Help to Buy and traditional high LTV mortgages that help borrowers with smaller deposits, the Society also has expertise and experience within the Shared Ownership market.

Ends

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 Developer contact.

Leeds Building Society won the title of Best Shared Ownership Mortgage Lender in the 2018 What Mortgage Awards, its third consecutive year of success in this category.

Leeds Building Society operates throughout the UK and in Gibraltar and has assets of £19.5bn at 30 June 2018 (£17.3bn at 30 June 2017). The Society’s head office has been based in the centre of Leeds since 1886.

Key features

2 Year Fixed Rates up to and including 31 May 2021

  • 10% penalty free capital over-repayments permitted each year
  • Initial fixed period followed by a 1% SVR discount (currently 4.69%) until 31/05/2024
  • Tapered early repayment charges, 2 year – 3/2% until 31/05/2021
  • These products are available for purchase only applications

 

Rate %LTV %Free Standard ValuationFees Assisted Legal for RemortgagesProduct FeeMax. Loan
2.74 95 Y N/A £999 £300,000
3.09 95 Y N/A £0 £300,000

 

5 Year Fixed Rates up to and including 31 May 2024

  • 10% penalty free capital over-repayments permitted each year
  • Tapered early repayment charges, 5 year – 5/5/4/3/2% until 31/05/2024
  • This product is available for purchase only applications

 

Rate %LTV %Free Standard ValuationFees Assisted Legal for RemortgagesProduct FeeMax. Loan
3.79 95 Y N/A £0 £300,000

 

Help to Buy 2 Year Fixed Rates up to and including 31 May 2021               

  • 10% penalty free capital over-repayments permitted each year
  • Initial fixed period followed by a 1% SVR discount (currently 4.69%) until 31/05/2024
  • Tapered early repayment charges, 2 Year – 3/2% until 31/05/2021
  • These products are available for both purchase and remortgage applications
  • These products are not available in Northern Ireland

 

 
Rate %LTV %Free Standard ValuationFees Assisted Legal for RemortgagesProduct FeeCashbackMin. LoanMax. Loan
1.74 75 Y N £999 £0 None Up to £480,000 purchase (depending on region), £500k remortgages
2.29 75 Y N £0 £500 £50,000 Up to £480,000 purchase (depending on region), £500k remortgages

 

Help to Buy 5 Year Fixed Rates up to and including 31 May 2024

  • 10% penalty free capital over-repayments permitted each year
  • Tapered early repayment charges, 5 Year – 5/5/4/3/2% until 31/05/2024
  • These products areavailable for both purchase and remortgage applications
  • These products are not available in Northern Ireland

 

Rate %LTV %Free Standard ValuationFees Assisted Legal for RemortgagesProduct FeeCashbackMin. LoanMax. Loan
2.29 75 Y N £999 £0 None Up to £480,000 purchase (depending on region), £500k remortgages
2.49 75 Y N £0 £500 £50,000 Up to £480,000 purchase (depending on region), £500k remortgages