Leeds launches 2.45pc H2B deal
The mutual now offers the only Help to Buy mortgage with an interest rate less than 2.50% and a fee less than £200.
Kim Rebecchi, sales and marketing director at Leeds Building Society, said: “Help to Buy Equity remains a key part of the Intermediary toolbox, but it’s only as good as the products provided by lenders. There are very few Help to Buy products where the headline rate is below 2.50%, and they typically carry a fee of £499 or above, so I’m delighted that we’ve managed to keep the fee to £199 and still deliver a 2 year fixed rate at 2.45%.
“The combination of £199 product fee and 2-year fixed rate at 2.45% is directly comparable to our core range at 75% LTV and, unlike some lenders, Leeds does not differentiate between first time buyers and home movers – it’s available to both. I am confident our new offers will help even more people buy their home – both first time buyers and home movers.”
Customers can use this product to purchase up to 80% of the property and the society lends 95% of the 80%.
When combined with the Government’s 20% investment, customers need a deposit of just 4% of the total property value.
The deal from Leeds, which can be used alongside the original equity scheme, is a 2.45% 2-year fixed rate fees assisted deal, with no higher lending charge and allowing 10% capital repayments each year. The booking fee is £199 and the product includes a free standard valuation up to £335.