Leeds Building Society will cut rates on two selected high loan-to-value products aimed at first-time buyers from tomorrow (8 December).
The mutual says its reductions come within its mainstream mortgage and shared ownership ranges.
They cover two-year fixes at 95% LTV at 6.08%, with no fee, with £500 cashback — and shared ownership five-year fixes at 5.78%, with no fee, and the borrower share set at 95%.
Leeds Building Society senior mortgage manager Sean Hanson says: “Borrowers with smaller deposits remain a key focus for us, as we seek to deliver on our purpose to put home ownership within reach of more people.
“We keep our mortgage range under constant review and have decided to improve rates on our higher-LTV mortgages and Shared Ownership product range, which we expect will appeal to FTBs.”
“As the UK’s largest lender on shared ownership, we believe this is the most effective way to lower the deposit hurdle and help more people get a foothold on the property ladder”.
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