The new rates are available starting today
Leeds Building Society has announced that it has reduced rates by up to 0.45% on its residential mortgages for purchases and remortgages across its two- and five-year fixed rate product range.
The 5.19% two-year fixed rate (up to and including February 28, 2025) is available up to 65% LTV, with early redemption charges of 2.5% and 1.5%.
The 5.24% five-year fixed rate (up to and including February 29, 2028) is available up to 85% LTV, with early redemption charges of 5%, 5%, 4%, 3%, and 2%.
The products, available starting today (November 17), have a £999 completion fee and free standard valuation, with fees assisted legal service for in-house remortgages and 10% penalty free capital over repayments allowed each year.
“Housing is at its least affordable point since records began with the average home now costing over nine times the average local wage compared to 3.5 in 1997,” Matt Bartle (pictured), director of products at Leeds Building Society, said. “At Leeds, we have always stood firmly on the side of homeowners and first-time buyers.
“We will continue to do everything we can as a lender to help them. The recent, rapid interest rate rises following the September mini-budget have been a hammer blow to many people and that’s why the cuts we have announced today will be very welcome news to many borrowers.”