You are here: Home - Mortgages - First Time Buyer - News -

Leeds Building Society launches 5% deposit mortgage with cashback deal

Written by: Anna Sagar
Leeds Building Society has broadened its range by releasing three two-year fixed rate deals, with some available up to 95% loan to value (LTV).

The deals are available from 14 April.

This includes a two-year fixed purchase deal up to 95% LTV with £250 cashback on completion with a rate of 5.55%.

There is also a two-year fixed purchase and remortgage option up to 90% LTV at 5.1% and two-year fixed purchase and remortgage product up to 65% LTV at 4.42%.

The mortgages come with a free standard valuation and zero completion fees.

Capital overpayments of 10% are allowed each year and there are tapered early repayment charges of 2.5% in the first year and then 1.5% in the second year.

Jonathan Thompson, senior mortgage manager at Leeds Building Society, said the mutual continued to see “strong demand” for high LTV mortgages and the company was “focused on helping borrowers with smaller deposits”.

He added: “Last year about one in three of all our new mortgages went to first-time buyers so we want to build on that success as we work towards our purpose of putting homeownership within reach of more people.

“As the 95% LTV is likely to appeal to those taking their first steps onto the property ladder we’ve added cashback at completion, which we know is a time when money can be tight with lots of costs due at the same time.”

Thompson said that supporting first-time buyers was important for the mutual and this group was the “lifeblood of a healthy housing market”.

“But we’ve not forgotten homebuyers and remortgagors further up the ladder and have refreshed our rates at lower LTVs too,” he added.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week