The equity loan scheme was launched in May 2013 and has helped more than 31,500 people buy a new build home.

Borrowers will be able to remortgage onto any of Leeds’ existing Help to Buy range, these products include:

– A two-year discount Help to Buy mortgage at 1.99% available up to 75% loan-to-value

– A two-year fixed rate Help to Buy mortgage at 2.34% available up to 75% loan-to-value

– A five-year fixed rate Help to Buy mortgage at 2.99% available up to 75% loan-to-value

Borrowers can either remortgage their current mortgage to a more competitive rate or buy out the government’s equity loan so that they own the property outright.

“We have seen strong demand for our Help to Buy mortgages since these were launched in August 2013,” said Martin Richardson, Leeds Building Society’s general manager.

“We’re now offering those first customers coming off their initial products the opportunity to re-mortgage onto a competitive new deal. These offers include two and five year fixed rates and a two year discount mortgage up to 75% loan-to-value.

“Borrowers wanting to redeem the Government equity loan as part of their remortgage can choose any of our competitive range of home loans up to 90% LTV.”

Richardson said with rates at record lows, borrowers could make big savings by remortgaging their exiting loan.

“Now is an ideal time to remortgage as rates have never been lower. When Help to Buy equity loan was launched in May 2013 the average two year fixed rate mortgage was 3.80% but by February 2015 this had fallen to 3.14% – on an average £140,000 mortgage with a 25 year term this would bring down monthly repayments by more than £49 per month.”