Leeds Building Society has launched a new range of mortgage products aiming to put home ownership within ‘reach’ of more people.
Reach Mortgages offer eligible customers with smaller deposits a new range of fixed rate mortgage options if their credit score doesn’t qualify for one of the Society’s standard mortgage products.
The lender said it is opening routes into home ownership for those who may otherwise be unable to do so, including first time buyers.
Reach Mortgages will be available as two-year, three-year, and five-year fixed rate mortgages (80%-95% LTV).
It will also offer a choice of fixed rate periods, product fees and loan-to-value tiers.
Earlier in the year Leeds Building Society partnered with Experian Boost for borrowers to improve their credit score by including regular payments such as council tax payments.
The Society also launched a specific savings account – the Home Deposit Saver – which gives a £500 bonus to those getting on the ladder.
Leeds Building Society director of products Matt Bartle said: “Offering a solution for those who may have otherwise faced the possibility of being turned down for a mortgage is another step in delivering our purpose, putting home ownership within reach of more people generation after generation.
“For some, their credit score is one of the barriers which prevents home ownership. By introducing the new products in our Reach Mortgage range, alongside other initiatives launched this year, we’re aiming to increase the number of mortgage applications we accept and help more people get on the housing ladder.”
