The Leeds Building Society has reported continued strong demand for Help to Buy Equity loan mortgages.
The mutual was among the first lenders to join the Help to Buy Equity loan scheme after its launch in 2013 and in 2015 became the first lender to accept remortgage applications from Help to Buy Equity loan borrowers.
The latest addition to the Society’s range of Help to Buy Equity loan mortgages is a 2.29% two year fixed rate fees assisted deal with £1,000 cashback.
This is available in England and Wales up to 75% LTV (loan to value), through intermediaries only. The deal includes a free valuation and has a low £199 fee.
“With a generous cashback offer, low fee and a free valuation we’d expect this latest deal to attract existing Help to Buy homeowners who may be looking to remortgage to a better deal,” said Jaedon Green, Leeds Building Society’s director of product and distribution.
“The Help to Buy Equity loan scheme has been successful in meeting its twin aims and we’re happy to go on supporting this with the aim of helping even more borrowers.
“First, the initiative has enabled borrowers, many of them first time buyers, to have the home they want.
“Secondly, it’s also stimulating the new build market and encouraging developers to increase the nation’s housing supply, which is badly needed.
“In this way, Help to Buy Equity loans can be a useful option for affordable housing borrowers who are not well-served by the wider market, alongside other types of lending such as shared ownership, Right to Buy, discounted purchase price schemes, and interest only, including part and part mortgages.
“We lend in all these segments, as well as offering higher LTV traditional mortgages and our award-winning Welcome Mortgage, with 0% interest at the start of the loan – we’d recommend borrowers seek advice from their broker to explore which of these types of mortgage best suits their individual needs and circumstances.
“In addition, many of the original Help to Buy purchasers will be coming to the end of their initial deals and it’s almost two years since we were the first to start offering remortgages for these borrowers.
“Rates have fallen even further since the scheme was launched so it’s definitely worthwhile for borrowers to check whether switching to a better deal could bring down their monthly repayments, or even help them to pay off their mortgage sooner and save thousands in the process.”