Leeds Building Society has launched 2-year fixed rate Right to Buy products.
The society will lend 100% of the discounted purchase price, reducing the need for a deposit, and up to 75% of the property value for the purpose of home improvements.
Highlights include a 2.14% 2-year fixed at 75% loan-to-value and a 2.64% 2-year fixed at 75% LTV with a £1,000 cashback. Both no-fee products come with a free standard valuation.
Matt Bartle, director of products at Leeds Building Society, said: “As a mutual we are built on helping people save and have the home they want.
“The Right to Buy scheme has been around for almost 40 years and has been instrumental in helping people buy the home they want, with more than 15,000 purchases through the scheme in each of the last five years.
“By lending 100% of the customer’s discounted purchase price the need for a deposit is reduced, removing what can be one of the most significant barriers to home ownership.
“If borrowers intend to make improvements to their property we will lend up to 75% of the value of the home on the open market, allowing people to make their previously rented home feel like their own.”
Right to Buy was introduced in 1980 and gives eligible social housing tenants the right to buy their home at a discount determined by the length of time they’ve been a tenant.