Leeds Building Society is adding £500 cash back mortgages to a number of its product ranges including its 95% loan-to-value (LTV) and buy-to-let ranges.
The Society is adding a 2-year fixed rate resi mortgage at 3.60% available up to 95% LTV and a 2-year fixed rate residential mortgage at 2.44% available up to 80% LTV.
A buy-to-let option is priced at 2.26% available up to 60% LTV.
Matt Bartle, director of products at Leeds Building Society, said: “These latest cash back deals offer first-time buyers and borrowers who are looking for a new deal that extra bit of financial flexibility at a time when they have a number of other expenses.
The combination of cashback with no product fee on the lower LTV deals is expected to be of particular interest to homeowners looking to remortgage – according to the latest industry figures there are over 85,000 residential and buy-to-let mortgages due to mature in August 2021.
Bartle added: “We’ve seen growing demand for remortgage deals and we expect this to continue as borrowers respond to the government’s stamp duty changes.
“Cash freed up at the start of a mortgage is often handy to cover some of the costs associated with remortgaging or buying a property.
“These products also come with the added benefit of no product fees.
“We’re constantly refining and improving our offering in response to borrower and broker feedback and these cashback deals are a further example of how we’ve used our expertise and experience in the market to understand and respond to the needs of customers.”