The changes, available from 13 October, apply across the mutual’s 95% loan-to-value (LTV) range and include both two- and five-year fixed rate options.
The new cashback product is available to borrowers with a 95% LTV mortgage.
As part of the update, Leek Building Society has introduced a new two-year fixed rate mortgage at 95% LTV, priced at 5.99% and offering £400 cashback.
The mutual has also reduced the rate on its two-year fixed product with a £995 fee from 6.25% to 5.61%.
Meanwhile, its two five-year fixed rate products have both been cut by 0.25 percentage points. The five-year fix with a £995 fee has fallen from 5.89% to 5.64%, while the cashback version has reduced from 6.07% to 5.82%.
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Nikki Warren-Dean, head of intermediaries at Leek Building Society, said the changes were designed to support brokers and their clients amid changing market conditions.
She continued: “We know brokers are navigating a fast-moving pricing environment, so we want to take proactive steps to support them and their clients.
“While parts of the wider market are seeing upward rate pressure, we’re cutting rates across our residential range by up to 0.64% and introducing a competitive new 95% LTV cashback product.
“These changes provide brokers with greater choice and value while helping more first-time buyers and home movers access the right mortgage solution.”
