Good news for homeowners and first-time buyers alike, as Leeds Building Society has announced big cuts to some of its fixed-rate mortgages.

This comes as a welcome relief following the Bank of England’s recent warning that over three million borrowers could be hit with higher monthly payments as they come to the end of their current fixed-rate deals.

From Monday, you could bag yourself a cheaper deal with savings of up to 0.50% depending on the type of mortgage you need. Here’s a breakdown of the changes:

Residential Mortgages:

• Fixed rates cut by up to 0.15%.
• Brand new two and three-year fixed-rate deals are now available for those with a deposit of 65%, 75% or 85% of their property value.
• Looking to remortgage? Leeds BS has launched a two-year fixed rate at a competitive 5.99% for those with a 10% deposit (90% LTV). You won’t pay a completion fee and they’ll even cover your standard valuation and legal fees.
• They’ve also introduced a new three-year fixed rate for both purchases and remortgages. This one comes in at 4.89% with no completion fee. Plus, if you’re remortgaging you’ll benefit from free standard valuation and legal fees.

Shared Ownership Mortgages:

• Rates slashed by up to 0.20%.
• A new five-year fixed-rate deal has been launched for purchases and remortgages at 4.79% for those with up to an 85% borrower share. This deal comes with zero completion fees, a free valuation and a tempting £500 cashback.

Buy-to-Let Mortgages (Limited Company):

• The biggest rate cut of 0.50% has been applied to a five-year fixed-rate mortgage, now available at 5.89% for those with an 80% LTV. This offer is open to landlords purchasing or remortgaging a property and does come with a £1,999 fee.

Jonathan Thompson, a senior mortgage manager at Leeds Building Society, said: “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.”

He added that they hope the rate reductions will help more first-time buyers get on the property ladder and that they are continuing to review their mortgage range to offer the best deals to new and existing customers.