Leeds Building Society is making it easier to buy a new build home with increased mortgage limits and rate cuts.

In a move designed to support aspiring homeowners, Leeds Building Society has announced it’s increasing the maximum Loan-to-Value (LTV) ratios for new build houses and flats. This means buyers will need a smaller deposit to secure their dream home.

Here’s a breakdown of the changes:

• New build houses: The maximum LTV ratio has increased from 90% to 95%. This means you could secure a mortgage with just a 5% deposit!
• New build flats: The maximum LTV ratio has increased from 80% to 85%.
• Existing flats: The maximum LTV ratio has increased from 80% to 95%.

But that’s not all! Leeds Building Society is also slashing mortgage rates by up to 0.16% across its residential range.

Some of the biggest savings can be found on two-year fixed-rate mortgages:

• 65% LTV: This rate has been reduced to a competitive 4.44% with a £999 fee. Alternatively, you can choose a fee-free option at 4.75%.
• 75% LTV: Rates now start from 4.45% with a £1,499 fee, 4.54% with a £999 fee, or 4.84% with no fee.

These rate cuts and increased LTVs are available for both those buying a home and those remortgaging.

Martese Carton, director of mortgage distribution at Leeds Building Society, commented: “Building up a deposit is one of the biggest barriers to home ownership so the changes we have implemented today will offer greater flexibility for our borrowers and will come as good news for many aspirational homeowners as the cost of living continues to bite.”

This move builds on Leeds Building Society’s ongoing commitment to supporting first-time buyers. The Society has already taken steps like withdrawing from lending on second homes and holiday lets, demonstrating their dedication to helping people get on the property ladder.