The Leeds Building Society has added to its range of Help to Buy equity (HTB1) mortgages with a new two year fixed rate product.
The new mortgage at 1.59% with a £799 fee is available up to 75% LTV (loan to value) for purchase and remortgage. A fee-free version at 1.95% comes with £250 cashback.
Both versions of the mortgage come with a free valuation for properties worth up to £500,000 and are available through intermediaries for borrowers in England, Scotland and Wales.
In line with the rest of the Society’s Help to Buy range, the new mortgage is available to remortgage customers as well as home buyers – earlier this year the Society was the first lender to accept remortgage applications from Help to Buy equity borrowers.
“Two years on from the launch of the Help to Buy equity scheme, lots of borrowers will be coming to the end of their initial deals and seeking a competitive remortgage package,” said Martin Richardson, Leeds Building Society’s director of business development.
“We’d expect the fee-free version with cashback and free valuation to be attractive to remortgagors who are looking to keep down the cost of switching to a new deal.”
HTB1 homeowners can remortgage with Leeds Building Society and retain their existing loan size, subject to valuation, keeping the Government equity loan.
Alternatively, they can choose to redeem the Government equity loan as part of their remortgage up to 90% LTV and buy the property outright, using any one of the Society’s mortgages available up to 90% LTV.