Leeds Building Society has launched two new five-year fixed-rate mortgage products at up to 95% loan to value aimed at first-time buyers. 

The mutual says highlights of the products are: 

First five-year fixed rate loan – up to and including 31 May 2028 

• Fixed at a rate of 5.05% 
• Available up to 95% LTV 
• Purchase only 
• No completion fee 
• Free standard valuation
• 10% penalty-free capital overpayments allowed each year 
• Early redemption charges of 5%/ 5%/ 4%/ 3%/2% of the amount redeemed 

Second five-year fixed-rate offer — up to and including 31 May 2028 

• Fixed at a rate of 4.95% 
• Available up to 95% LTV 
• Purchase only 
• £999 completion fee 
• Free standard valuation 
• 10% penalty-free capital overpayments allowed each year 
• Early redemption charges of 5%/ 5%/4%/3%/2% of the amount redeemed 

Leeds Building Society senior mortgage manager Jonathan Thompson says: “We know that saving a deposit is a huge barrier to homeownership for many FTBs, and we hope that by launching these two new 95% LTV products we can help even more people achieve their dream of getting onto the property ladder. 

“With many people concerned with the ongoing economic uncertainty, we wanted to offer customers certainty with their payments.  I’m confident that these products will be very popular, particularly with FTBs.” 

The lender points out that homes have hit their least affordable point since records began, with the average house costing over £294,329, which is over nine times the average salary of £31,928.