Leeds launches new mortgage product to support Welsh Help to Buy Equity Loan scheme
Leeds Building Society has announced the launch of a mortgage product, which can be used alongside the Welsh Government’s Help to Buy Equity Loan scheme. Furthermore, customers can use this product to purchase up to 80% of the property and the mutual lends 95% of the 80%. When combined with the Government’s 20% investment, customers need a deposit of just 4% of the total property value.
The new deal from Leeds Building Society, who have just received the ‘Mortgage Innovation Award’ and been named ‘Most Innovative Personal Finance Provider’ at the Moneynet Personal Finance Awards 2014, can be used alongside the Help to Buy equity scheme. The mutual’s offer is a 2.45% 2 Year Fixed Rate fees assisted deal, with no higher lending charge and allowing 10% capital repayments each year. The booking fee is £199 and the product includes a free standard valuation up to £335.
Martin Richardson, Leeds Building Society’s General Manager - Business Development commented, “Help to Buy Equity is a key part of the Intermediary toolbox, but it’s only as good as the products provided by lenders. I’m delighted that we’ve managed to keep the fee to £199 and still deliver a 2 year fixed rate at 2.45%, available to both first time buyers and home movers.
“The combination of £199 product fee and 2 year fixed rate at 2.45% is directly comparable to our core range at 75% LTV. I am confident our new offers will help even more people buy their home - both first time buyers and home movers.”
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 Developer contact.
Notes to Editors
Introduced Only Welsh Help to Buy Fees Assisted 2 Year Fixed Rate up to and including 29 February 2016:
- Maximum 95% of 80% borrower share - equivalent to 76% LTV.
- Interest rate fixed at 2.45% until 29/02/2016.
- No Higher Lending Charge.
- £199 Booking Fee.
- No Completion Fee.
- Free standard valuation up to £335.
- Tapered early repayment charges of 3% of the amount redeemed in year 1 and 2% in year 2.
- Maximum property purchase price of £300,000.
- 10% capital repayments are allowed each year.
- Interest is Calculated Daily.
- Available on New Build properties only
- Leeds Building Society has assets of £10.8bn (as at 30 June 2013) and 67 branches throughout the UK, Gibraltar and Ireland. The Society has operated from the centre of Leeds since 1886.