The mortgage, which is an exclusive to Legal & General Mortgage Club members only, is available to first-time buyers at a rate of 4.59% for loans of up to £750,000, but a £300,000 maximum for loans to 95% LTV.
Martyn Smith, head of mortgage products, Legal & General Network said:
“A recent [Mortgage Solutions] survey showed that 30% of brokers would consider changing networks for exclusive products, so we’re delighted to be in a position to offer yet another exclusive mortgage product to our members. We continuously work with all our lending partners to secure the best possible deals for our intermediaries and this market-leading Leeds Building Society mortgage for first-time buyers is another excellent example of that.
“There are growing signs of optimism in the market, and products like this indicate that lenders are also becoming more confident about the market, and are increasingly looking at the intermediary sector to achieve their growing appetites.”
Phil Coombes, Leeds Building Society’s head of intermediary sales said: “We are all well aware of the difficulties facing first time buyers buying a home, in situations where they can afford the mortgage repayments but are unable to provide a large deposit.
“Our 4.59% five year fixed rate product, available up to 95% LTV, provides security at an affordable rate and will prove attractive to those clients who are ready to take the first step into home ownership.”