"As a lender we want to play our part to try to overcome the hurdles people face and help more people into homeownership."
- Jonathan Thompson, senior product manager at Leeds BS
From today, Leeds Building Society has reduced rates across its mortgage range by up to 0.21%.
The Society has made the price improvements ahead of the removal of stamp duty relief coming into effect from April 1st which will mean the stamp duty threshold for first-time buyers will drop to £300,000 from £425,000, affecting approximately one in five purchases.
For existing mortgage holders, the Society is making rate reductions of up to 0.21%. Data shows that in the first quarter of 2025, there will be nearly 328,000 residential mortgages maturating across the market.
Based on 90% loan on an average house price of £282,000, a first-time buyer taking Leeds’ two-year fee-free rate of 5.25% would save over £450 per year compared to taking the equivalent product in January 2024.
Highlights of the new range include a five-year fix at 90% LTV, available at 4.89% to first-time buyers only with no fee.
A two-year fix for first-time buyers at 85% LTV has reduced to 4.79% with no fee, while a two-year fix at 65% LTV, available for purchase and remortgage, is down to 4.15% with a £1,499 fee.
Jonathan Thompson, senior product manager at Leeds Building Society, said: “As part of out mission of putting homeownership within reach of more people, we have decided to start the year by making purposeful action to help those stepping onto the property ladder or coming to the end of their existing fixed term.
“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.
“In 2024 the mortgage market was constrained due to the ongoing pressure of the increasing cost of living, but as a lender we want to play our part to try to overcome the hurdles people face and help more people into homeownership.”
