News
Leeds Building Society adds high LTV mortgage with cashback for FTBs
Leeds Building Society has released a 95 per cent loan to value (LTV) mortgage deal with cashback as part of its first-time buyer range.
The two-year fixed rate is priced at 5.69 per cent and comes with £250 cashback along with a free standard valuation.
There is no completion fee.
Jonathan Thompson, senior mortgage manager at Leeds Building Society, said borrowers with small deposits “remain a key focus for us” as it aims to “put homeownership within reach of more people”.
He continued that it was seeing “strong demand” for fixed rate higher LTV mortgages it expected this deal to appeal to first-time buyers, especially due to the cashback on completion.
Thompson said: “This type of ‘traditional’ mortgage is just one of the options we offer for home buyers with smaller deposits, alongside affordable housing schemes such as shared ownership, and we’re always seeking new ways to support routes into home ownership.
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“We understand building up a deposit is often the biggest challenge facing those wanting to step onto the housing ladder. To help with that, in the spring we launched Home Deposit Saver, a regular savings account which pays the saver an extra £500 when they receive their mortgage offer from the society.”
He added that it was already seeing mortgage applicants benefitting from its partnership with Experian, where borrowers can use its boosted credit scores to improve their affordability.