Leeds Building Society has introduced reductions to selected fixed rate products.

Selected residential rates will be reduced by up to 15bps, shared ownership by up to 20bps and limited company buy-to-let rates by up to 50bps.

In addition, the society has announced new product launches including new two and three-year residential mortgages at 65%, 75% and 85% LTV.

Jonathan Thompson, senior mortgage manager at Leeds Building Society, said: “Last week the Bank of England released its biannual Financial Stability Report which warned that more than three million borrowers could face shock increases in their mortgage payments over the next two years. The changes we have made to our mortgage range will hopefully go some way to alleviating the pressure on homeowners who are coming towards the end of their fixed-term rate.

“For aspiring first-time buyers, we hope that the rate reductions we’ve made will help put homeownership within closer reach and we are pleased to add new standard residential and shared ownership mortgage products to our range.

“We’ve implemented these changes to give brokers, buyers and homeowners greater choice as rates drop across the market, and we continue to assess our range of products in support of new and existing members.”