Mortgage Rates Slashed: Leeds Building Society Leads the Way

In a move that is set to shake up the mortgage market, Leeds Building Society has announced a reduction in interest rates across its mortgage range. The changes, which come into effect from tomorrow, will see rates slashed by up to 0.20% on selected products at 75% and 90% loan to value (LTV).

Mortgage rates are on the decline

The Society has introduced new 95% LTV options, including a 2-year fixed rate of 5.14% up to 85% LTV, a five-year fixed rate of 5.39% up to 95% LTV, and new fee-free options for 2-year fixed rates (max. 75% LTV) and 5-year fixed rates (max. 95% LTV).

According to Jonathan Thompson, senior product and pricing manager at Leeds Building Society, the move is designed to put the interests of members first and deliver on the Society’s purpose to make home ownership more accessible.

“By reducing interest rates in a dynamic mortgage market and in turn bringing down the cost of monthly mortgage payments, we are putting the interests of our members first and delivering on our purpose to put home ownership within reach of more people.”

The changes are a welcome development in a market that has seen rates fluctuate in recent months. With the cost of living crisis continuing to bite, any reduction in mortgage payments will be a relief to homeowners.

Home ownership is becoming more accessible

The move by Leeds Building Society is likely to put pressure on other lenders to follow suit, which could lead to a more competitive mortgage market. As the mortgage landscape continues to evolve, one thing is clear: borrowers are set to benefit from the changes.

The mortgage market is becoming more competitive

In a market that is constantly changing, it’s essential to stay informed about the latest developments. At MortgageWatch, we’ll keep you up to date with the latest news and analysis to help you make informed decisions about your mortgage.

Stay informed with MortgageWatch