Tuesday, May 28, 2024

Further Mortgage Rate Reductions from Leeds Building Society

To enable more aspiring homeowners to get onto or move up the property ladder, and to help those looking to remortgage their existing home, Leeds Building Society has reduced interest rates on products across its mortgage range. 

Reductions of up to 0.32% across 27 products will come as further good news for those shopping around for mortgages, following a series of rate cuts since the start of the new year. In January, Leeds Building Society saw a record number of mortgage applications – a sign that customer confidence is returning, and the tides are starting to turn. 

The changes affect standard residential mortgages, the Society’s Reach mortgage range and Shared ownership. Leeds Building Society is the UK’s largest shared ownership lender and in 2023, the Society saw a 24% uplift in Shared Ownership mortgage applications compared to 2022. 

With the first month of 2024 seeing the most applications since the previous record in March 2023, the Society is preparing itself for a busy year ahead. 

Highlights include: 

Residential 5 Year Fixed Rate up to and including 30th April 2029 

  • Fixed Rate of 4.93% (was 5.08%). 
  • No completion fee 
  • Available up to 95% Loan to Value 
  • Free Standard valuation 
  • Tapered Early Repayment Charges 
  • 10% Penalty Free capital over repayment allowed each year 

Shared ownership 2 Year Fixed Rate up to and including 30th April 2026 

  • Fixed Rate of 5.14% (was 5.19%). 
  • No completion fee 
  • Available up to 90% Borrower Share 
  • Free Standard valuation 
  • Tapered Early Repayment Charges 
  • 10% Penalty Free capital over repayment allowed each year 

Jonathan Thompson, Senior Products & Pricing Manager at Leeds Building Society, said: 

“Our purpose is to put homeownership within reach of more people, and the changes we’re making on our mortgage rates will enable more people to take their first step onto, or next step up the property ladder. 

Throughout January, we saw a 6% increase in applications by first time buyers versus the same month last year, which suggests that consumer confidence is increasing. 

“We are particularly pleased to be able to offer our members even better value on our Shared ownership mortgage range, a tenure which we see as a crucial part of the housing mix and a vital route for many aspirational homeowners to get onto the property ladder.” 

For further information please visit https://www.leedsbuildingsociety.co.uk/ 

First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.

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