Leeds Building Society will add mortgages with £1,000 cashback to its Help to Buy range from tomorrow.
The society is launching a 2-year fixed rate mortgage at 2.04% and a 5-year fixed rate mortgage at 2.34%. Both are available up to 75% loan-to-value and come with a free standard valuation.
Jaedon Green, Leeds Building Society’s director of product and distribution, said: “These two latest deals offer the highest cashback available on a Help to Buy mortgage.
“We’re constantly refining and improving our Help to Buy offering in response to borrower and broker feedback and have worked hard to make our proposition as simple and straightforward as we can.
The society’s Help to Buy mortgages can be obtained only through intermediaries and can be used for property purchase or remortgage.
Green added: “As it reaches its fifth anniversary this year, the scheme’s first buyers will have to start paying interest on the government equity loan taken out in 2013.
“This is likely to focus minds on remortgage options, including whether to buy out the government’s stake from your home, whether wholly or in part.
“We were the first lender to accept Help to Buy remortgage applications and expect to see growing demand in this market as the scheme’s initial purchasers reach the end of their current deals.”