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Leeds BS adds high LTV products to range

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  • 13/04/2023
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Leeds BS adds high LTV products to range
Leeds Building Society has broadened its range by releasing three two-year fixed rate deals, with some available up to 95 per cent loan to value (LTV).

The deals are available from 14 April.

This includes a two-year fixed purchase deal up to 95 per cent LTV with £250 cashback on completion with a rate of 5.55 per cent.

There is also a two-year fixed purchase and remortgage option up to 90 per cent LTV at 5.1 per cent and two-year fixed purchase and remortgage product up to 65 per cent LTV at 4.42 per cent.

The products come with a free standard valuation and have no completion fee.

Capital overpayments of 10 per cent are allowed each year and there are tapered early repayment charges of 2.5 per cent in the first year and then 1.5 per cent in the second year of the amount redeemed.

Jonathan Thompson, senior mortgage manager at Leeds Building Society, said the mutual continued to see “strong demand” for high LTV mortgages and the company was “focused on helping borrowers with smaller deposits”.

He added: “Last year about one in three of all our new mortgages went to first-time buyers so we want to build on that success as we work towards our purpose of putting homeownership within reach of more people.

“As the 95 per cent LTV is likely to appeal to those taking their first steps onto the property ladder we’ve added cashback at completion, which we know is a time when money can be tight with lots of costs due at the same time.”

Thompson said that supporting first-time buyers was important for the mutual and this group was the “lifeblood of a healthy housing market”.

“But we’ve not forgotten homebuyers and remortgagors further up the ladder and have refreshed our rates at lower LTVs too,” he added.

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