Leeds Building Society has announced mortgage rate cuts of up to 30 basis points (bps), and added a new mortgage product aimed at first-time buyers.

The Society’s latest mortgage offering includes a new first-time buyer mortgage that features a £1,000 cashback incentive to assist with moving costs or home furnishings.

The reductions also extend to the Income Plus mortgage range, which uses enhanced affordability assessments to allow first-time buyers to borrow an average of up to £52,000 more. The Income Plus range is designed to help buyers secure a home sooner than they may have expected.

Jonathan Thompson, senior product manager at Leeds Building Society, said: “As part of our purpose of putting homeownership within reach of more people, we have taken action to further help those stepping onto the property ladder or looking to remortgage.

“The reductions we have made on rates across our mortgage product range will support more people to make their homeownership dreams a reality and will take financial pressure off households.”

Highlights include:

• New First-Time Buyer Mortgage: 4.75% five-year fixed rate, 85% loan-to-value (LTV), zero product fee, and £1,000 cashback.
• Two-Year Fixed Rate Mortgage: Reduced from 6.19% to 5.89%, 90% LTV, available for residential purchases and remortgages, zero product fee.
• First-Time Buyer Income Plus Mortgage: Reduced from 4.74% to 4.64%, five-year fixed rate, 85% LTV, £999 fee.
• Shared Ownership Mortgage: Reduced from 5.19% to 5.04%, five-year fixed rate, available up to 95% buyer share, £999 fee.
• Fee-Free Shared Ownership Mortgage: Reduced from 5.39% to 5.27%, five-year fixed rate, available up to 95% buyer share, zero product fee, and £500 cashback on completion.