The new product has a rate of 4.75% and is fixed for five years. It is available at 85% loan to value (LTV), has no fee and offers £1,000 cashback.
Rate changes include a fee-free two-year fix at 90% LTV, which has gone down from 6.19% to 5.89%. This is for residential purchases and remortgages.
Across its first-time buyer Income Plus range, a five-year fix at 85% LTV with a £999 fee has been cut from 4.74% to 4.64%. The Income Plus range offers improved affordability assessments, which Leeds Building Society said could allow first-time buyers to borrow up to £52,000 more on average.
Meanwhile, a five-year fixed shared ownership mortgage up to 95% of the buyer share has been lowered by 5.19% to 5.04%. This has a £999 fee.
A fee-free shared ownership mortgage, which is up to 95% of the buyer share, has been cut from 5.39% to 5.27%, is fixed for five years and offers £500 cashback on completion.
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Jonathan Thompson, senior product manager at Leeds Building Society, said: “As part of our purpose of putting homeownership within reach of more people, we have taken action to further help those stepping onto the property ladder or looking to remortgage.
“The reductions we have made on rates across our mortgage product range will support more people to make their homeownership dreams a reality and will take financial pressure off households.”
Halifax launches interest-only calculator
Halifax has introduced an interest-only calculator to demonstrate how much it can lend borrowers on an interest-only or part-interest-only basis.
The lender said this could be used in a sale of mortgaged property (SOMP) repayment plan.
The result of SOMP will be considered across the different tiers for the amount of equity needed.
