Leeds Building Society has announced reductions across its residential mortgage range of up to 18 basis points, following the Bank of England’s latest Monetary Policy Committee decision on interest rates.

The changes will take effect from Saturday 10 May.

The reductions apply to selected fixed-rate products aimed at home movers, remortgagors and first-time buyers.

Among the revised products is a three-year fixed-rate deal available up to 80% loan to value, which now carries a rate of 4.59%, down from 4.77%.

NO COMPLETION FEE

The product comes with no completion fee, a free standard valuation and includes legal service support for remortgages. Borrowers are also able to make 10% capital overpayments annually without penalty and benefit from tapered early repayment charges.

A five-year fixed-rate product, available up to 65% loan to value, has been reduced by 5 basis points to 4.26%. This offer also features no completion fee, free valuation and assisted legal services for remortgages.

Jonathan Thompson, senior product and pricing manager at Leeds Building Society, said: “As the Bank of England has reduced the base rate, we’re making some changes to our mortgage range and reducing a number of our rates from today.

“We’ve implemented these changes to give brokers, buyers and homeowners greater choice as we anticipate further reductions in the market following the Monetary Policy Committee decision.”