Back to August 2019

Leeds supports first time buyers with 95% LTV mortgage reduction

Leeds Building Society is continuing to support first time buyers by reducing rates on its 95% LTV (loan to value) mortgages by up to 0.45%.

The no-fee 3.34% five year fixed rate mortgage, which will launch on Friday, 30 August, comes with a free standard valuation and £500 cashback.

Matt Bartle, Director of Products at Leeds Building Society, said: “We’re constantly refining and enhancing our mortgage products and work hard to offer a wide range of products that meet the needs of those who are often under served by the wider market.

“This latest deal will assist homebuyers with smaller deposits, so it’s ideally suited to people looking to take the first step onto the property ladder.

“It complements our wider affordable housing range, which includes Help to Buy and Shared Ownership mortgages, alongside higher-LTV traditional mortgages.

“We have also added a £500 cashback incentive, which is always popular with first time buyers as it can help with some of the unexpected costs which inevitably crop up when you move into your first home.”

Ends

Notes to Editors

Key Features

3.34% Cashback 5 Year Fixed Rate up to and including 30 November 2024

  • 10% penalty free capital over-repayments permitted each year
  • Tapered early repayment charges: 5 Year 5/5/4/3/2% until 30 November 2024
  • Available for purchase applications only
  • Minimum loan requirement of £50,000
  • £500 cashback is paid upon completion

Leeds Building Society won the title of Best Shared Ownership Mortgage Lender in the 2019 What Mortgage Awards, its fourth consecutive year of success in this category. It also was named Best Lender for Later Life Lending in the Legal & General Mortgage Club Awards 2019.

The Society operates throughout the UK and in Gibraltar and had assets of £20.7bn at 30 June 2019 (£19.4bn at 30 June 2018). The UK’s fifth-largest mutual is a Best Companies 2* employer and its head office is in the centre of Leeds, where it has been based since 1886.