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Government Help

Leeds BS boosts Help to Buy range

Adam Williams
Written By:
Adam Williams
Posted:
Updated:
09/03/2017

Leeds Building Society has unveiled two remortgage products for homeowners using the government’s Help to Buy equity loan scheme.

The Yorkshire-based building society has launched a two-year fixed rate product at 2.44%, available to borrowers with a 25% deposit.

It also offers a five-year fixed rate product at 3.14%, also available at 75% loan-to-value. Both products come with a £199 arrangement fee. These mortgages are only available through mortgage intermediaries.

The mutual said it had been one of the biggest supporters of people looking to remortgage their Help to Buy home.

Leeds already offers a trio of Help to Buy products:

A two-year discount Help to Buy mortgage at 1.99%

A two-year fixed rate Help to Buy mortgage at 2.34%

A five-year fixed rate Help to Buy mortgage at 2.99%

All three products are available up to 75% LTV and with a £199 fee.

“The first homeowners who bought under the Help to Buy equity scheme are now coming to the end of their mortgage deals and have their first opportunity to switch to a better deal,” said Martin Richardson, Leeds Building Society’s business development general manager.

“Mortgage rates are at historic lows at present and the average two year fixed rate mortgage available now is lower than when the Government launched the scheme in March 2013 so borrowers can save themselves some money by switching to a more competitive deal.

“Minimising the upfront costs of our Help to Buy remortgages assists the type of customer the scheme was introduced for and, unlike some lenders, Leeds Building Society does not differentiate between first time buyers and home movers and our main Help to Buy range is available to both.”