Leeds Building Society has announced the re-launch of its mortgage product which can be used alongside the Government’s Help to Buy Equity Loan scheme.
Customers can use this product to purchase up to 80% of the property and the Society 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, which can be used alongside the original equity scheme, is a 2.45% two-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.
Kim Rebecchi, sales and marketing director at Leeds Building Society, said: “Help to Buy Equity remains a key part of the Intermediary toolbox, but it’s only as good as the products provided by lenders. There are very few Help to Buy products where the headline rate is below 2.50%, and they typically carry a fee of £499 or above, so I’m delighted that we’ve managed to keep the fee to £199 and still deliver a 2 year fixed rate at 2.45%.
“The combination of £199 product fee and two-year fixed rate at 2.45% is directly comparable to our core range at 75% LTV and, unlike some lenders, Leeds Building Society does not differentiate between first time buyers and home movers – it’s available to both. I am confident our new offers will help even more people buy their home – both first time buyers and home movers.”