Legal & General Mortgage Club announces residential exclusive with Leek Building Society
As of today, advisers looking to place business with Leek Building Society via Legal & General Mortgage Club will now benefit from access to an exclusive residential product.
The two-year fixed-rate product is available at 95% LTV and priced at 5.99%. Additionally, an early repayment charge of 2% applies in year one and a 1% charge in year two. The product facilitates the purchase of a new build property, a flat, or house, with a 5% deposit.
Its minimum residential loan size stands at £150,000, but mortgages can extend to loans of up to £500,000. The product includes a free valuation and has no completion fee. With its high LTV ratio, it is designed to help those with smaller deposits, such as many first-time buyers, onto the property ladder.
Please note, this exclusive product is only available to members of Legal & General Mortgage Club.
Danny Belton, Head of Lender Relationships, Legal & General Mortgage Club:“After the end of the Help to Buy scheme last year, the mortgage industry has had to find new ways to support first-time buyers and help them onto the property ladder. This competitively priced new product exclusive with Leek Building Society, offers first-time buyers the valuable opportunity to purchase a new-build property, a house, or a flat of their choice, with just a 5% deposit. This will allow advisers to help more new buyers make that important first step.”
Nikki Warren-Dean, Head of Intermediaries, Leek Building Society:“This is a fantastic, good news story to help customers get onto the housing ladder and what a great time to introduce this new 95% LTV initiative. Please speak to our BDMs to get more information but be mindful that these products have a restricted tranche size and may be withdrawn at short notice.”
Further information
Notes to editors
Established in 1836, L&G is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY25) of which c. 43% (c. £0.5 trillion) is international. We have a highly synergistic business model, which continues to drive strong returns. We are a leading player in Institutional Retirement, in Retail Savings and Protection, and in Asset Management through both public and private markets. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.