Leeds Building Society, a prominent name in the mortgage industry, has recently announced a move to reduce mortgage rates for certain products, aiming to provide enhanced financial benefits to potential homebuyers and homeowners. The institution’s decision to adjust their rates comes as a proactive response to the evolving landscape of the housing market, with the aim to make homeownership more accessible and affordable for a broader range of customers.
What are the Changes to Leeds Building Society Products?
For new lending, the alterations encompass a variety of options designed to meet the diverse needs of property buyers. Among the key changes are the introduction of new Residential, two- and three-year fixed rates at 75-90% loan-to-value (LTV) ratios. Also, selected residential fixed rates have been reduced by an impressive 0.10%, marking a significant reduction that can translate into substantial savings for borrowers.
Buy-to-Let and Portfolio Buy-to-Let fixed rates at 60% LTV have not been left untouched either. These rates have been slashed by up to an impressive 0.15%, reflecting the institution’s commitment to providing competitive solutions for property investors. One noteworthy update to their Limited Company Buy-to-Let (BTL) offerings is that like-for-like remortgages will now undergo stress testing at the Product Rate, with a minimum rate of 5.00%. This change is aimed at ensuring the financial viability of such deals.
Leeds Building Society has also introduced some noteworthy highlights within their new lending range. Notable options include the Legal Assisted 2 Year Fixed Rate at a 75% LTV maximum with a £999 fee, boasting a competitive rate of 5.99%. For those looking for fee-free options, the Legal Assisted 2 Year Fixed Rate with a 75% LTV maximum comes at a slightly higher rate of 6.29%. Similarly, the 2 Year Fixed Rate options for a 95% LTV maximum, with and without fees, offer attractive rates of 6.44% and 6.69%, respectively. Property investors can also benefit from reduced rates, with the Buy-to-Let Legal Assisted 2 Year Fixed Rate at a 60% LTV maximum, paired with a £999 fee, providing a rate of 6.19%. The no-fee alternative for this product is equally competitive, with a rate of 6.54%.
Existing customers are not forgotten in these changes, as selected Residential fixed rates for them have been decreased by up to 0.10%. Buy-to-Let and Portfolio Buy-to-Let fixed rates at 60% LTV ratios have also been subjected to a reduction of up to 0.15%. These modifications, targeting existing customers, reflect Leeds Building Society’s dedication to rewarding loyalty and fostering enduring relationships.
Speak to a Mortgage Advisor About Rate Reductions
It is crucial to note that the revised rates will impact new mortgage applications and new rate switch applications exclusively. With any significant rate reductions, it is always important to speak with a mortgage broker before deciding on your route forward. The decision of Leeds Building Society to reduce mortgage rates for specific products is a strategic manoeuvre aimed at enhancing accessibility to homeownership and bolstering their competitive position in the market. In order to find the most competitive lender, product, and rate, you must consult with an expert mortgage professional like Oportfolio. Drop us a message or give us a call today to see how our advisors can help you.