Leeds Building Society has announced the launch of a mortgage product, which can be used alongside the Welsh Government’s Help to Buy Equity Loan scheme.
Customers can use this product to purchase up to 80 per cent of the property and the mutual lends 95 per cent of the 80 per cent.
When combined with the Government’s 20 per cent investment, customers need a deposit of just 4 per cent of the total property value.
The new deal from Leeds Building Society, who have just received the ‘Mortgage Innovation Award’ and been named ‘Most Innovative Personal Finance Provider’ at the Moneynet Personal Finance Awards 2014, can be used alongside the Help to Buy equity scheme. The mutual’s offer is a 2.45 per cent 2 Year Fixed Rate fees assisted deal, with no higher lending charge and allowing 10 per cent capital repayments each year. The booking fee is £199 and the product includes a free standard valuation up to £335.
Martin Richardson, Leeds Building Society’s general manager – business development commented, “Help to Buy Equity is a key part of the Intermediary toolbox, but it’s only as good as the products provided by lenders. I’m delighted that we’ve managed to keep the fee to £199 and still deliver a 2 year fixed rate at 2.45 per cent, available to both first time buyers and home movers.
“The combination of £199 product fee and 2 year fixed rate at 2.45 per cent is directly comparable to our core range at 75 per cent LTV. I am confident our new offers will help even more people buy their home – both first time buyers and home movers.”
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