Leeds BS cuts rates across its Reach Mortgage range

January 30, 2024 by Brendan O'Neill

Home owners

Leeds Building Society has announced a number of rate cuts across the range of products known as Reach Mortgages, which are targeted at people who have credit issues.

The building society introduced this range of products at the end of 2023. They are designed to help people who cannot meet the standard Leeds BS mortgage criteria due to credit problems. Now, it has cut the rates for the products within the range by as much as 0.43% in some cases.

Fixed rate two-year products in this range that come at 90% loan to value (LTV) have seen their rates slashed by 31bps, now leaving them at 5.35%. These loans also come minus a fee for completion.

The fixed five-year loans with LTV of 95% now have rates of 5.09%, while the completion fee is £999. Both of these loans come with tapered charges for early repayment, a standard valuation at no cost and access to Leeds BS’s own legal department when it comes to remortgaging.

Jonathan Thompson from the building society said to Financial Reporter that advisor feedback on the products had been good, before adding:

“In support of our purpose of putting homeownership within reach of more people, we have decided to make reductions on rates across our Reach Mortgage product range to support more people onto, and up, the property ladder.”

At a time when people with CeMAP mortgage advisor training have lots of clients with credit issues, making products like this more affordable is vital for the future of homeownership.