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Leeds Building Society cuts resi, shared ownership and Reach rates

  • 07/02/2024
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Leeds Building Society cuts resi, shared ownership and Reach rates
Leeds Building Society has reduced rates by up to 0.32 per cent across 27 products, with changes applied to residential and shared ownership products along with its Reach mortgage range.

As an example, its residential no-fee five-year fixed rate at 95 per cent loan to value (LTV) has fallen from 5.08 per cent to 4.93 per cent.

Leeds Building Society’s shared ownership no-fee two-year fixed rate up to 90 per cent borrower share has gone down from 5.19 per cent to 5.14 per cent.

The above deals come with free standard valuation, tapered early repayment charges (ERCs) and 10 per cent penalty-free capital over-repayment allowed each year.

Jonathan Thompson, senior products and pricing manager at Leeds Building Society, said: “Our purpose is to put homeownership within reach of more people, and the changes we’re making on our mortgage rates will enable more people to take their first step onto, or next step up, the property ladder.

“Throughout January, we saw a six per cent increase in applications by first-time buyers versus the same month last year, which suggests that consumer confidence is increasing.

“We are particularly pleased to be able to offer our members even better value on our shared ownership mortgage range, a tenure that we see as a crucial part of the housing mix and a vital route for many aspirational homeowners to get onto the property ladder.”

The lender added that, in the first month of the year, it had seen the most applications since its previous record in March 2023, and it was “preparing itself for a busy year ahead”.

In January, Leeds Building Society CEO Richard Fearon said that the mortgage price war had become more “visible” at the start of the year.

It is the third time that the lender has lowered rates this year, with the firm cutting residential, shared ownership and buy-to-let (BTL) rates at the start of the year.

Leeds Building Society went on to lower residential and shared ownership rates near the end of the month, along with Reach mortgages.


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