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Leeds BS introduces 95 per cent LTV deal and cuts rates

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  • 23/06/2021
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Leeds BS introduces 95 per cent LTV deal and cuts rates
Leeds Building Society has cut the rate of its 90 per cent loan to value (LTV) five-year fix and introduced a two-year fixed option to better serve low deposit borrowers and first-time buyers.

 

The two-year fixed, which will be available up to 95 per cent LTV, will have a rate of 3.65 per cent and has no product fee.

Meanwhile, five-year fix has seen a reduction of 0.05 per cent to 3.27 per cent.

The products come with a free standard valuation and the five-year fixed also has fees assisted legal services for standard remortgages.

Leeds Building Society launched two 95 per cent LTV products, a five-year fixed with a rate of 3.99 per cent and fee-free option at 4.09 per cent in April this year.

Leeds Building Society’s product director Matt Bartle (pictured) said: “We’re constantly reviewing and improving our mortgage range and the changes we’re making will assist those buyers with smaller deposits, so are ideally suited to people looking to take their first step onto the housing ladder.”

He added that its new two-year fixed with no product fee would be attractive to first time buyers looking to minimise their upfront costs.

He said the five-year fixed at 95 per cent LTV, which it introduced in April, was proving popular so far and as a consequence the mutual was improving its 90 per cent LTV at the same term.

Bartle noted: “When economic circumstances are uncertain, longer term fixes allow borrowers security of repayments so they can plan their budget knowing that what tends to be their largest monthly outgoing will remain unchanged for the term.”

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