"The products offer solutions for those who may have otherwise faced the possibility of being turned down for a mortgage"
- Jonathan Thompson, senior products and pricing manager at Leeds
Leeds Building Society has reduced rates on its Reach Mortgage range, which offers options to eligible customers with smaller deposits if their credit score doesn’t qualify for one of the Society’s standard mortgage products.
Reach Mortgages, which launched in December, have seen interest rate reductions of up to 0.43%.
A two-year fixed rate at 90% LTV has reduced by 31bps to 5.35% with no completion fee, while a five-year fix at 95% LTV has reduced to 5.09% with a £999 fee.
The products come with a free standard valuation, fees assisted in-house legal service for remortgages, tapered early repayment charges, and 10% penalty-free capital over repayments allowed each year.
Reach Mortgages are available to customers applying for a mortgage which is greater than 75% LTV as two-year, three-year, and five-year fixed rates.
Jonathan Thompson, senior products and pricing manager at Leeds Building Society, said: “The feedback received from brokers since we launched Reach Mortgages in December has been positive. The products offer solutions for those who may have otherwise faced the possibility of being turned down for a mortgage, and product features and the sales process are the same as with our standard mortgage products.
“In support of our purpose of putting homeownership within reach of more people, we have decided to make reductions on rates across our Reach Mortgage product range to support more people onto, and up, the property ladder.”
