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More choice for Help to Buy remortgagors from Leeds Building Society

11th May 2015 Print

Leeds Building Society has launched two new remortgage products for homeowners who bought their properties with assistance from the Government’s Help to Buy (HTB) Equity scheme.

The Society was the first lender to accept remortgage applications from existing HTB Equity homeowners and now has extended its range by adding two fees assisted deals just for remortgage – a two year fixed rate HTB product at 2.44% and a five year fixed rate HTB product at 3.14%.

Both are available up to 75% loan to value (LTV) and come with fees assisted legal services for standard remortgages.

These two new deals are in addition to the Society’s existing HTB mortgages, which are available for remortgage as well as home purchase:

A two year discount HTB mortgage at 1.99%

A two year fixed rate HTB mortgage at 2.34%

A five year fixed rate HTB mortgage at 2.99%

In common with the new fees assisted mortgages, these are available up to 75% LTV.

All Leeds Building Society’s HTB mortgages and remortgages come with a low £199 fee and free valuation and are available through intermediaries.

“The first homeowners who bought under the HTB Equity scheme are now coming to the end of their mortgage deals and have their first opportunity to switch to a better deal,” said Martin Richardson, Leeds Building Society’s General Manager – Business Development.

“Mortgage rates are at historic lows at present and the average two year fixed rate mortgage available now is lower than when the Government launched the scheme in March 2013 so borrowers can save themselves some money by switching to a more competitive deal.

“Minimising the upfront costs of our HTB remortgages assists the type of customer the scheme was introduced for and, unlike some lenders, Leeds Building Society does not differentiate between first time buyers and home movers and our main HTB range is available to both.”

HTB Equity 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% LTV and buy the property outright, using any one of the Society’s competitive mortgages available up to 90% LTV.