Back to August 2015

Leeds offers more remortgage choice for Help to Buy borrowers

Homeowners who were among the first to purchase their properties under the Government’s Help to Buy (HTB) equity scheme can benefit from two new remortgage deals from Leeds Building Society.

The Society is offering two new three year fixed rate deals:

  • 2.54% up to 75% LTV (loan to value), with a £999 fee; and
  • 2.79% up to 75% LTV, with a £199 fee.

Each comes with a free valuation, for properties worth up to £500,000, and fees assisted legal services, and both are available through intermediaries.

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

Earlier this year the Society was the first lender to accept re-mortgage applications from HTB equity borrowers.

“A lot of the first Help to Buy borrowers will have chosen a two year fixed rate mortgage back in summer 2013 so may be looking for a competitive deal to remortgage to,” said Martin Richardson, Leeds Building Society’s General Manager – Business Development.

“The interest-free loan from the Government will have another three years to run before borrowers have to start to pay interest on that portion, so a three year remortgage deal makes sense.

“While mortgage rates are currently so low, and with the ongoing discussions about when the Bank of England will finally raise the Base Rate, we’re seeing strong demand for remortgages and we try to include different fee options for borrowers to find the deal which suits them best.”

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.

Ends

Notes to Editors

To discuss a new case with one of our mortgage development team, mortgage introducers should go to www.leedsintroducer.co.uk to find details of their nearest Business Development contact.

Awards won by Leeds Building Society in the past 12 months include the ‘Innovation Award (Lenders)’ at the Mortgage Finance Gazette Awards 2015, in addition to being named ‘Best Intermediary Lender’, both for the second consecutive year. The Society also received the award for ‘Best Use of Technology (Lenders)’.

Leeds Building Society has 67 branches throughout the UK, Gibraltar and Ireland and assets of £12.7bn (as at 30th June 2015). The Society has operated from the centre of Leeds since 1886.