Leeds launches 1.59pc H2B 2-year fix
The product, which is for purchase or remortgage, comes with a £799 fee, although a fee-free version is available at 1.95% with £250 cashback.
Both version of the product come with a free valuation for properties worth up to £500,000 and are available through intermediaries for borrowers in England, Scotland and Wales.
Martin Richardson, Leeds Building Society’s director of business development, said: “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.
“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 equity loan as part of their remortgage up to 90% LTV and buy the property outright using one of the society 90% LTV mortgages.