Barclays, Leeds and Nationwide have unveiled details of their Help to Buy London mortgage deals.
Help to Buy London is set to launch on 1 February and will give aspiring homeowners who have been frozen out of the market in London the opportunity to get on the housing ladder.
First-time buyers with a 5% deposit will be able to borrow up to 40% of the value on a new home priced up to £600,000. They will need a mortgage of 55% to cover the rest.
Barclays is offering a two-year fixed rate mortgage at 1.55% with a £999 fee and a fee free deal of 1.85%.
Its five-year fix is 2.19% with a £999 fee and 2.49% with no fee.
Leeds Building Society is offering a two-year fixed rate mortgage at 1.79% with a £799 fee and a five-year at 2.45% with a £199 fee. Both come with a free valuation.
Nationwide Building Society is launching a new range of shared equity mortgage deals which include Help to Buy and Help to Buy London.
Its two-year fix has a rate of 1.89% at 60% LTV with a £999 fee and 2.29% with no fee. The 75% LTV two-year fixed rates start at 1.99% with a £999 fee and 2.39% with no fee.
The five-year fixed rate shared equity products start at 2.64% up to 60% LTV with a £999 fee and 2.84% with no fee. At 75% LTV, rates start at 2.74% with a £999 fee and 2.94% with no fee.
The society is also offering a two-year tracker deal starting at 1.64% with a £999 fee and 2.04% with no fee up to 60% LTV. These tracker products are free of early redemption charges.
Nationwide mortgage applicants can access a fee-free standard valuation, plus a further £250 cashback if they have a Nationwide Flex main current account.
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