Leeds Building Society has introduced a wave of rate reductions across a number of its fixed rate products.
From Monday (8th July), selected residential rates will be reduced by up to 0.15%, shared ownership by up to 0.20% and limited company buy-to-let (BTL) rates by up to 0.50%.
In addition, the society will also be introducing new product launches including new 2-year and 3-year residential mortgages at 65%, 75% and 85% loan-to-value (LTV).
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.
“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.”
