Leeds Building Society has launched a mortgage aimed at first-time buyers which offers £1,000 cashback to cover moving costs or furnishing a new home.
The FTB mortgage is a five-year fixed at 4.75% at 85% loan-to-value (LTV) and comes with no fee and £1,000 cashback.
In addition, the society has made rate reductions of up to 0.30% on products across its mortgage range and
The reductions will also apply to the society’s new income plus mortgage range which uses improved affordability assessments to allow FTBs to borrow up to £52,000 more on average.
A two-year fixed rate mortgage at 90% LTV available on residential purchases and remortgages with no product fee has been lowered from 6.19% to 5.89%.
The lender’s FTB income plus mortgage five-year fixed at 85% LTV with a fee of £999 has been lowered from 4.74% to 4.64% while the shared ownership mortgage five-year fixed available up to 95% buyer share with a fee of £999 has been cut from 5.19% to 5.04%.
Finally, the fee-free shared ownership mortgage five-year fixed available up to 95% buyer share with no product fee and £500 cashback on completion has been reduced from 5.39% to 5.27%.
Leeds Building Society senior product manager Jonathan Thompson says: “The reductions we have made on rates across our mortgage product range will support more people to make their homeownership dreams a reality and will take financial pressure off households.”
Meanwhile, Virgin Money has reduced selected fixed rates by up to 0.68%.
The lender’s purchase range has had 10-year fixed rates cut by as much as 0.68% to start from 4.89% while selected shared ownership fixes have been lowered by up to 0.15% to start from 4.44%.
Within the exclusive purchase range, the 75% LTV £1m+ two- and five-year fixed rates will be reduced by 0.10% to start from 4.54% and the retrofit boost five-year fixed rates will be reduced by 0.10% to start from 4.87%.
Exclusive remortgage 75% LTV £1m+ two- and five-year fixed rates will be reduced by up to 0.15%, starting from 4.54%.
In the lender’s remortgage range, two-year fixed rates will be reduced by up to 0.10% to start from 4.43%.while five-year fixed rates will be reduced by up to 0.10% to start from 4.34%.
Virgin has also made cuts of up to 0.10% in its exclusive BTL and product transfer ranges.
