Leek Building Society is reducing rates across its 95% loan-to-value (LTV) residential mortgage range by up to 0.64 percentage points and introducing a new cashback deal from 13 October.

The changes cover two-year and five-year fixed-rate products aimed at borrowers with smaller deposits, including first-time buyers and home movers.

The largest reduction applies to Leek’s two-year fixed-rate mortgage carrying a £995 product fee, where the rate falls from 6.25% to 5.61%.

The mutual is also introducing a two-year fixed-rate mortgage at 5.99%, available up to 95% LTV and offering £400 cashback.

Both five-year fixed-rate options in the range are being reduced by 0.25 percentage points. The product with a £995 fee will fall from 5.89% to 5.64%, while the fee alternative offering £400 cashback will be priced at 5.82%, down from 6.07%.

The repricing comes as some lenders face upward pressure on mortgage rates, with Leek choosing to reduce the cost of borrowing for customers requiring higher-LTV finance.

Nikki Warren-Dean, head of intermediaries at Leek Building Society, said: “We know brokers are navigating a fast-moving pricing environment, so we want to take proactive steps to support them and their clients.

“While parts of the wider market are seeing upward rate pressure, we’re cutting rates across our residential range by up to 0.64% and introducing a competitive new 95% LTV cashback product.

“These changes provide brokers with greater choice and value while helping more first-time buyers and home movers access the right mortgage solution.”