Exciting news for homebuyers and property investors: Leek Building Society has just unveiled a range of mortgage rate reductions across most of its product offerings, effective from January 12th. This move is set to make residential mortgages, shared ownership mortgages, limited company buy-to-let mortgages, and new build mortgages more affordable for borrowers.
The latest rate cuts are applied across key areas of lending, including residential mortgages, shared ownership, limited company buy-to-let, and own new products. Some of the highlights include reductions of up to 10 basis points (bps) on selected products, with 95% LTV residential mortgage rates now starting from 4.56%, and 95% LTV shared ownership rates reduced to 4.61%.
Additionally, limited company buy-to-let mortgage rates (75% LTV) now start from 4.80%, while the own new 95% LTV two-year fixed rate with a 5% incentive has been reduced to 2.46%. These changes are likely to make buy-to-let investing and new build purchases more attractive to borrowers.
Leek Building Society has also reduced rates by 5bps across its shared ownership range, with two-year fixed rates now starting from 4.61%, and five-year fixed rates from 4.63%. Some products also come with up to £400 cashback, making shared ownership a more viable option for borrowers.
For limited company buy-to-let mortgages (75% LTV), rate reductions apply to both two-year and five-year fixed products, with selected five-year fixes reduced by up to 10bps. Two-year fixed rates now start from 4.80%, while five-year fixed rates start from 4.87%, offering more flexibility for buy-to-let investors.
The lender has also reduced rates by up to 10bps across its high LTV residential products, with two-year fixed rates now starting from 4.79%, and five-year fixed rates from 4.56%. Fee options are also available, making these products more accessible to borrowers with smaller deposits.
Finally, Leek has made further reductions to its own new range, with rate cuts of up to 11bps. The two-year fixed rate with a 5% incentive is now 2.46%, while the five-year fixed rate with a 5% incentive is 3.65%, making new build purchases more affordable for borrowers.
