Leeds on board with Help to Buy London
Leeds Building Society will offer Help to Buy London mortgages when the government scheme is launched at the beginning of next month.
As per the terms of the scheme buyers will be able to put down a 5% deposit and obtain an interest free loan from the government of up to 40% of a property’s value.
Leeds aims to go live with on February 1 and will release product details later this month.
Martin Richardson, Leeds Building Society’s director of business development, said: “We are committed to supporting this important government initiative, which makes Help to Buy a practical solution in London, where the average house price is almost 18 times the average salary.
“Affordable housing in London has typically relied on shared ownership and Help to Buy London complements our extensive range of shared ownership mortgages, providing additional choice for consumers.
“We’re pleased to be among the first lenders to join this latest scheme, which builds on the success of our support for Help to Buy equity in England, Scotland and Wales.”
Leeds Building Society has been part of the Help to Buy equity scheme since summer 2013 and last year became the first lender to accept remortgage applications from borrowers.
The Help to Buy London scheme was announced by Chancellor George Osborne in the Autumn Statement on 25 November.