Leeds Building Society has announced a raft of mortgage rate reductions of up to 35 basis points across its residential and first-time buyer ranges, alongside the launch of new products for those with deposits of just 5% or 10%.

The changes take effect from Friday 29 August.

The move follows a series of steps by the mutual to widen access to the housing market, including reducing the minimum household income required to borrow more than 4.5 times annual earnings. That threshold, previously set at £40,000, has now been cut to £30,000.

The lower income requirement applies across all the society’s residential first-time buyer mortgages, including those at 95% loan-to-value (LTV). It also extends to the lender’s Income Plus range, which allows borrowers to access up to 5.5 times income.

Among the new products is a five-year fixed Income Plus mortgage at 4.94% with a £999 fee, available up to 95% LTV. For those seeking shorter fixes, a two-year first-time buyer deal at 3.99% up to 80% LTV sees a 35bps reduction, while a fee-free two-year option at 95% LTV is now priced at 4.89%, a cut of 9bps.

In the wider residential range, a two-year fixed at 65% LTV has fallen by 10bps to 4.05%, with no fee and free legal assistance included.

Jonathan Thompson, senior product and pricing manager at Leeds Building Society, said: “At Leeds Building Society, we’re committed to putting homeownership within reach of more people.

“The new and competitive rates we’ve launched today will do exactly that, supporting both home movers and first time buyers to purchase their dream homes.”