Leeds Building Society has made reductions of up to 0.26% across its mortgage range to support first-time buyers and home movers.
The lender is making reductions on 169 products across its range of mainstream and interest-only mortgages.
With the average property in the UK valued at £270,000, a first-time buyer with a 10% deposit could expect to pay £1,640 less on their annual mortgage payments, compared to the equivalent mortgage product in January 2025.
And for existing mortgage holders, the rate reductions may be welcomed by those coming off fixed-term products. UK Finance estimates that 1.8 million fixed rate mortgages are due to expire in 2026.
Featured products in the Leeds BS range include a two-year fixed rate – up to 75% LTV, available to first time buyers, home movers, and those remortgaging with a fxed rate of 3.99% (was 4.08%) with £0 fees and free standard valuation up to £999
Also a two-year fixed rate – up to 95% LTV, available to first time buyers with a fixed rate of 4.65% (was 4.79%), with £0 fees and a free standard valuation up to £999
A three-year fixed rate – available up to 95% LTV, offered to first time buyers and home movers, with a fixed rate of 4.82% (was 4.86%), £0 fees and free standard valuation up to £999.
And a five-year fixed available up to 65% LTV for first time buyers, with a fixed rate of 3.80% (was 3.87%), a £1,999 fee and a free standard valuation up to £999
Commenting on the rate changes Leeds BS senior product manager Jonathan Thompson said: “We are pleased to kick off the new year with good news for mortgage holders and aspiring buyers as we cut rates across nearly 170 products. This action supports our mission to put homeownership within reach of more people, generation after generation.”
He added: “As the cost of living continues to rise, we hope that cutting rates by up to 0.26% will have a tangible impact on our members, especially those who have been worrying about coming to the end of their current fixed term.”