Leeds Building Society has added a new two-year fixed mortgage available through the government-supported Help to Buy equity loan scheme.
The new mortgage at 1.59 per cent with a £799 fee is available up to 75 per cent loan-to-value (LTV) for purchase and remortgage. A fee-free version at 1.95 per cent comes with £250 cashback.
Both versions of the mortgage come with a free valuation for properties worth up to £500,000 and are available through intermediaries for borrowers in England, Scotland and Wales.
The new mortgage is available to remortgage customers as well as home buyers. Earlier this year Leeds was the first lender to accept remortgage applications from Help to Buy equity borrowers.
“Two years on from the launch of the Help to Buy equity scheme, lots of borrowers will be coming to the end of their initial deals and seeking a competitive remortgage package,” said Martin Richardson, Leeds Building Society’s director of business development.
“We’d expect the fee-free version with cashback and free valuation to be attractive to remortgagors who are looking to keep down the cost of switching to a new deal.”
Help to Buy equity loan homeowners can remortgage to a competitive rate with Leeds Building Society and retain their existing loan size, subject to valuation, keeping the Government equity loan.
Alternatively, they can choose to redeem the Government equity loan as part of their remortgage up to 90 per cent LTV and buy the property outright, using any one of the Society’s competitive mortgages available up to 90 per cent LTV.
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