The Leeds Building Society has launched two new fees assisted mortgages with longer end dates for new build buyers.
New build borrowers can choose any mortgages from the Society’s 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 rates are 2.20% up to 85% LTV (loan to value) and 3.09% up to 90% LTV.
Each mortgage comes with a £199 fee and a free standard valuation. Both deals have end dates of 31 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 MacDiarmid.
“The new products with extended dates are therefore of real added value to many of our customers.”
