Leeds details Help to Buy London mortgages

Ryan Bembridge

January 26, 2016

buyer demand

Leeds Building Society will launch two Help to Buy London mortgages on 1 February – a 2-year fix at 1.79% and a 5-year fix at 2.45%.

The 2-year fix incurs a £799 fee and the 5-year fix a £199 fee, while both come with a free valuation.

Under the terms of the scheme borrowers can put down a 5% deposit and get an interest-free loan from the government of up to 40% of the property’s value.

Martin Richardson, Leeds Building Society’s director of business development, said: “The London scheme goes live on Monday and we’re releasing details of our products early in order to help our intermediary partners start the process and better support borrowers.

“We encourage efforts to help more people – including first-time buyers – to have the homes they want and look forward to continuing the success of our involvement in HTB1 in England, Scotland and Wales.

“This latest development of the scheme in London makes Help to Buy a practical solution in the capital, where the average house price is almost 18 times the average salary.”

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