Leeds Building Society has reduced the rate on its 5 Year Fixed Rate Local Authority Mortgage Scheme (LAMS) mortgage by 0.50%, to 4.99%, which is available up to 95% LTV.
Leeds has also launched a 3 Year Fixed Rate Mortgage at 4.29%, also available up to 95% LTV. The Society is making these improvements to help even more first time buyers (FTBs) onto the housing ladder.
Leeds Building Society has seen a year on year increase in the number of its FTBs of over 30%. Since the start of the year, the Society helped 1,716 FTBs purchase their first home, compared to 1,312 in the corresponding period in 2012.
In terms of market share, stats from the CML show a 20.5% increase in the number of FTB cases during January and February this year. Leeds Building Society’s comparison during January and February 2013 is a 79.4% increase (899 in 2013 compared to 501 in 2012).
The Society’s “A Helping Hand” initiative makes even more much needed 95% mortgages available to those who can afford the mortgage repayments but are currently unable to provide a large deposit. Normal lending criteria applies, so only those FTBs who can comfortably afford to make repayments will benefit.
Ten Local Authorities (Leeds, Warrington, Bristol, Blackpool, Hertfordshire, Watford, Three Rivers, North Hertfordshire, Stevenage and Dacorum) place funds with the UK’s 5th largest building society as security, with Leeds then providing these very competitive 3 and 5 Year Fixed Rate mortgages requiring only a 5% deposit.
For independent whole of market mortgage advice contact Integrity IFA now or visit our site at integrityifa.com to use our free mortgage source and calculator.
