Leeds to offer London Help to Buy deals from 1.79%
The mutual will offer a two-year fixed rate priced at 1.79% with a £799 fee and a five-year fixed rate charged at 2.45% with a £199 fee. Both come with a freee valuation.
Help to Buy London will offer new homebuyers looking to purchase a home in the capital an interest-free government loan worth up to 40% of a property’s value, compared to the maximum of 20% available elsewhere in the country. The borrower needs to put down a deposit of just 5%.
“This latest development of the scheme in London makes Help to Buy a practical solution in the capital, where the average house price is almost 18 times the average salary,” said Martin Richardson, Leeds Building Society’s director of business development.
“Affordable housing in London has typically relied on shared ownership and HTB London complements our extensive range of shared ownership mortgages, providing additional choice for consumers.
“In addition to shared ownership and higher LTV (loan to value) traditional mortgages, we offer our award-winning Welcome Mortgage, with a competitive fixed rate and the choice of three or six months at the start of the home loan where the borrower pays 0% interest.”