Back to July 2016

Longer end dates on special new build deals from Leeds

Leeds Building Society has launched two new fees assisted mortgages with longer end dates to help new build buyers.

New build borrowers can choose any mortgages from the Society’s wide range, which includes shared ownership and Help to Buy products, but the latest additions have been created specifically to cover circumstances this type of purchaser may encounter.

The two year fixed rate deals with longer end dates could benefit new build borrowers, giving them potentially three months longer at the fixed rate.

The rates are:

  • 20% up to 85% LTV (loan to value)
  • 09% up to 90% LTV

Each mortgage comes with a low £199 fee and a free standard valuation. Both deals have end dates of 31st December 2018.

“New build borrowers can choose whichever of our competitive mortgages they want but we know this kind of purchase can come with some very specific challenges,” said Jaedon Green, Leeds Building Society’s Director of Product and Distribution.

“After feedback from intermediaries, builders and customers, we’ve created these two deals with longer end dates, to help new build borrowers who are buying off-plan or in a longer chain of transactions which might cause delays.”

Barratt spokesman Adrian MacDiarmid said many new build purchases can take several months to complete, especially when buyers reserve properties in advance.

“The vibrant market and popularity of our products means that customers will often reserve their homes more than three months before they are ready for completion,” said Adrian.

“The new products with extended dates are therefore of real added value to many of our customers.”

Ends

Notes to Editors

Leeds Building Society won the awards for Best Building Society Savings Provider and Innovation in Personal Finance (Part and part mortgages) at the 2016 Moneyfacts Awards.

The Society received the ‘Innovation Award (Lenders)’ at the Mortgage Finance Gazette Awards 2016, the third consecutive year it 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 £13.5bn (at 31st December 2015). The Society has operated from the centre of Leeds since 1886.