This will apply to purchase and remortgage deals, fixed for two or five years. The products will be available from 17 November.
The two-year fix has a rate of 5.19 per cent and is available up to 65 per cent loan to value (LTV). The five-year fix has a rate of 5.24 per cent and is available up to 85 per cent LTV.
Both deals have a £999 completion fee, free standard valuation and fees assisted legals for remortgages. Overpayments of 10 per cent each year are allowed with no penalty. Early repayment charges that decline over the fixed rate period also apply.
Matt Bartle, director of products at Leeds Building Society, said: “Housing is at its least affordable point since records began with the average home now costing over nine times the average local wage compared to 3.5 in 1997.
“At Leeds, we have always stood firmly on the side of homeowners and first-time buyers, and we will continue to do everything we can as a lender to help them. The recent, rapid interest rate rises following the September mini Budget have been a hammer blow to many people and that’s why the cuts we have announced today will be very welcome news to many borrowers.”
Generation Home cuts rates
Generation Home has cut rates across its two and five-year fixed mortgage deals.
This includes a two-year fix with a rate of 5.2 per cent up to 80 per cent LTV, down from 5.42 per cent. There is also a five-year fix which has been reduced from 5.84 per cent to 5.43 per cent. This is also available up to 80 per cent LTV.
Both products have a £999 fee.
This follows its funding partnership with the Nottingham Building Society, which will give the lender the ability to expand its mortgage lending and develop products.
Pete Dockar, commercial director at Generation Home, said: “It’s been an exciting few weeks for Gen H. Keeping our rates competitive will help even more aspiring homeowners, home movers, and remortgagors find their place on the property ladder.
“That’s something we’re really proud of.”
