Compare Leeds mortgages
Every borrower has their own unique requirements. Understanding yours will allow you to work out which is the best type of mortgage for you.
First Time Buyer mortgages
Many first time buyers are unable to save a sufficient deposit to be able to buy a home with a traditional mortgage.
This is why many lenders, including Leeds Building Society, offer dedicated first time buyer mortgages. These offer up to 95% of a property’s value as a mortgage, meaning buyers only need to get together a much smaller deposit.
First time buyer mortgages can also include provisions such as introductory monthly repayment discounts and the option for family members to help out by putting their own homes up as partial security for the mortgage.
Buy to Let mortgages
Leeds Building Society offers up to 70% of a property’s value to landlords looking to buy a property to rent out.
The amount you can borrow may also depend on the monthly rental value of the property, calculated at market rates. This will usually need to exceed the monthly repayments on your mortgage, plus a buffer, which is often an extra 25%.
Remortgaging with Leeds Building Society
If you already have a mortgage, but feel it is not offering good value, or simply need to borrow more, remortgaging can be a good option.
Remortgaging allows you to take out a new mortgage and use it to pay off your existing one, which can leave you with lower monthly payments or a spare lump sum.
Second charge mortgages
Remortgaging is not always the cheapest way to increase your borrowing against your home.
If you already have a good deal on your mortgage, it can be better value to take out a separate secured loan, commonly known as a second charge mortgage.
Loan to value ratio
When deciding how much to lend you, one of the main things mortgage providers look at is your loan to value (LTV) ratio. This represents how much you want to take out as a mortgage as a percentage of the property in question’s total value.
So, if you were aiming to borrow £50,000 on a property worth £100,000, that would give you a loan to value ratio of 50%.
The lower your LTV, the lower your interest rates will tend to be. It also takes into account existing debt, so is a calculation of all current and proposed debt leveraged against a property.
Find the best deals on mortgage rates
If you want to get the best possible deal on your mortgage, you need to compare offers from various different lenders.
Our mortgage calculator allows you to do this quickly and easily. All you have to do is head to the top of the page and put in some basic information about your borrowing requirements. The mortgage calculator will then match you up with some of the best value mortgages from across the market.
Independent Mortgage Advice
Remortgaging is particularly popular at the moment as interest rates are low.
Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.
However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.
If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).
If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice on Leeds Building Society mortgage product options.