From Monday, Leeds Building Society will lower certain residential mortgage rates by up to 0.15%, shared ownership rates by up to 0.2% and limited company buy-to-let (BTL) rates by as much as 0.5%.
This includes a two-year fixed rate product for remortgage only at 90% loan to value (LTV), which has been reduced from 6.14% to 5.99%. This has no completion fee, included fee-assisted legals and a free standard valuation up to £999.
Leeds Building Society has also reduced the rate of a five-year fixed for shared ownership to its offering, up to an 85% borrower share.
It has a rate of 4.79%, down from 4.89%, £500 cashback and is available for purchase and remortgage.
The product offers a free standard valuation up to £999.
A five-year fixed limited company BTL deal at 80% LTV has been cut from 6.39% to 5.89%. The product is available for purchase or remortgage and has a completion fee of £1,999.
The mutual has also launched two- and three-year residential mortgages at 65%, 75% and 85% LTV.
There is now a three-year fixed rate available up to 65% LTV with a rate of 4.89%.
This has no completion fee, is available for purchase or remortgage and has fee-assisted legals and a free standard valuation up to £999.
Jonathan Thompson, senior mortgage manager at Leeds Building Society, said: “Last week, the Bank of England released its biannual Financial Stability Report, which warned that more than three million borrowers could face shock increases in their mortgage payments over the next two years. The changes we have made to our mortgage range will hopefully go some way to alleviating the pressure on homeowners who are coming towards the end of their fixed-term rate.
“For aspiring first-time buyers, we hope that the rate reductions we’ve made will help put homeownership within closer reach and we are pleased to add new standard residential and shared ownership mortgage products to our range.”
He added: “We’ve implemented these changes to give brokers, buyers and homeowners greater choice as rates drop across the market, and we continue to assess our range of products in support of new and existing members.”
