Leeds is first lender to accept Help to Buy remortgages
Leeds Building Society is continuing to innovate in the mortgage market by becoming the first lender to accept remortgage applications from Help to Buy Equity borrowers.
Leeds Building Society will accept remortgages on its existing Help to Buy (HTB) products which include:
- A two year discount HTB mortgage at 1.99% available up to 75% loan to value (LTV)
- A two year fixed rate HTB mortgage at 2.34% available up to 75% LTV
- A five year fixed rate HTB mortgage at 2.99% available up to 75% LTV
The Society is offering Help to Buy Equity homeowners the opportunity to remortgage to a competitive rate, retain their existing loan size, subject to valuation and keep 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.
“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 – Business Development.
“We’re now offering those first customers coming off their initial products the opportunity to remortgage onto a competitive new deal. These offers include two and five year fixed rates and a two year discount mortgage up to 75% LTV.
“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.
“Unlike some lenders, Leeds Building Society does not differentiate between first time buyers and home movers and this attractive deal is now available to both.”
John Wakefield of New Homes Mortgage Services in Cannock said: “This is a sign of a return to normality in the lending market. Leeds is a top five building society providing innovative products to help clients meet changes in their personal circumstances, and allowing Help to Buy Equity customers to remortgage is a welcome addition.”
Jeremy Duncombe, Director at Legal & General Mortgage Club, commented: “This is a fantastic move by Leeds Building Society, demonstrating their support for the market and echoing the innovation they have shown recently in their product range.
“Many Help to Buy customers face a difficult choice when their initial mortgage deal ends, and these options allow them to consider the best alternative for them. Hopefully other lenders will follow suit.”
For more information take a look at Leeds Building Society’s Help to Buy remortgage products.