Leeds to accept Help to Buy remortgages
Its products to 75% LTV are a 2-year discount at 1.99%, a 2-year fix at 2.34% and a 5-year fix at 2.99%.
Borrowers can alternatively choose to redeem the government’s equity loan as part of their remortgage up to 90% LTV and buy the property outright.
Martin Richardson, Leeds’ general manager – business development, said: “We have seen strong demand for our Help to Buy mortgages since these were launched in August 2013.
“Now is an ideal time to remortgage as rates have never been lower.
“Unlike some lenders, Leeds Building Society does not differentiate between first-time buyers and home movers and this attractive deal is now available to both.”
Products come with a £199 fee and a free valuation.
The average 2-year fixed rate remortgage stood at 3.80% when Help to Buy equity loan was launched in May 2013, but by February 2015 this has fallen to 3.14%.
Jeremy Duncombe, director at Legal & General Mortgage Club, said: “This is a fantastic move by Leeds Building Society, demonstrating their support for the market and echoing the innovation they have shown recently in their product range.
“Many Help to Buy customers face a difficult choice when their initial mortgage deal ends, and these options allow them to consider the best alternative for them. Hopefully other lenders will follow suit.”