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Leeds BS reduces rates for Reach mortgages

  • 19/01/2024
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Leeds BS reduces rates for Reach mortgages
Leeds Building Society has lowered rates on their Reach mortgages, which offer eligible customers with smaller deposits a range of fixed rates if their credit score doesn’t qualify for the mutual’s standard products.

The lender said that Reach mortgages “open routes into home ownership for those who may otherwise be unable to do so, including first-time buyers”.

Cuts of up to 0.43 per cent have been applied and can help aspiring homeowners and those looking to remortgage.

Its two-year fixed rate up to 90 per cent loan to value (LTV) has gone down from 5.66 per cent to 5.35 per cent. It has no completion fee and comes with fees-assisted in-house legal service for remortgage.

Its five-year fixed rate up to 95 per cent LTV with £999 completion fee has fallen from 5.09 per cent to 5.28 per cent.

Both come with free standard valuation, tapered early repayment charges and 10 per cent penalty-free capital over repayment allowed each year.

Reach mortgages are available to customers applying for a mortgage with an LTV greater than 75 per cent, with two, three and five-year fixed rate options available.


‘Positive feedback on Reach mortgages’

Jonathan Thompson, senior products and pricing manager at Leeds Building Society, said: “The feedback received from brokers since we launched Reach Mortgages in December has been positive.

“The products offer solutions for those who may have otherwise faced the possibility of being turned down for a mortgage, and product features and the sales process are the same as with our standard mortgage products.”

He added: “In support of our purpose of putting homeownership within reach of more people, we have decided to make reductions on rates across our Reach Mortgage product range to support more people onto, and up, the property ladder.”

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