Back to January 2016

Leeds Building Society among first lenders as HTB London scheme launches

Leeds Building Society will launch its range of new HTB London mortgages when the Government scheme goes live next month.

The Society is among the first lenders to join the initiative to help more people in the capital to buy their first home, where they can put down a 5% deposit and obtain an interest-free loan from the Government of up to 40% of the property’s value.

“We are committed to supporting this important Government initiative, which makes Help to Buy a practical solution in London, where the average house price is almost 18 times the average salary*,” said Martin Richardson, Leeds Building Society’s Director of Business Development.

“Affordable housing in London has typically relied on shared ownership and Help to Buy London complements our extensive range of shared ownership mortgages, providing additional choice for consumers.

“We’re pleased to be among the first lenders to join this latest scheme, which builds on the success of our support for Help to Buy equity in England, Scotland and Wales.

“As part of our efforts to support borrowers who are not well-served by the wider market, we welcome initiatives which harness innovation to help more people to have the homes they want, including First Time Buyers.

“In addition to shared ownership and higher LTV (loan to value) traditional mortgages, we offer our award-winning Welcome Mortgage, with a competitive fixed rate and the choice of three or six months at the start of the home loan where the borrower pays 0% interest.”

Leeds Building Society has been part of the original HTB equity scheme since summer 2013 and last year became the first lender to accept remortgage applications from HTB equity borrowers.

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Notes to Editors

*17.8% - Average house price in London £531,000 (ONS House Price Index October 2015); Median average annual salary in London £29,868.80 (ONS ASHE 2015 provisional figures).

Leeds Building Society received the ‘Innovation Award (Lenders)’ at the Mortgage Finance Gazette Awards 2016, the third consecutive year the Society has won this category, as well as the award for ‘Product Innovation (Lenders)’.

The Society also has been named ‘Best Regular Savings Account Provider’ for the second consecutive year by independent consumer advice website Savings Champion.

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.