Property News

New remortgage products for HTB tenants

Em Morley - May 12, 2015

Homeowners who utilised the Government’s Help to Buy scheme have been buoyed with an announcement from Leeds Building Society.

The Society has launched two remortgage products specifically aimed at buyers who used the scheme to purchase their property. After being the first lender to allow remortgage applications from Help to Buy homeowners, the firm has now extended its range.

New rates

The additional products are a two-year fixed rate Help to Buy product at 2.44% and a five-year fixed-rate deal of 3.14%. These new products are available up to 75% LTV and arrive with fees assisted legal services for standard remortgages.[1]

Alongside these new deals, Leeds Building Society still over their existing Help to Buy mortgages, which are available for remortgage and also home purchase. The deals are:

A two-year Help to Buy mortgage at 1.99%

A two-year fixed rate Help to Buy mortgage at 2.34%

A five-year fixed rate Help to Buy mortgage at 2.99%

New remortgage products for HTB tenants

New remortgage products for HTB tenants

These mortgages are also available up to 75% LTV. Furthermore, all of the society’s Help to Buy mortgages and remortgages are equipped with a low £199 fee.[2]

Better deal

Mark Richardson, General Manager for Business Development at the society said that, ‘the first homeowners who bought under the Help to Buy equity scheme are now coming to the end of their mortgage deals and have their first opportunity to switch to a better deal.’[3]

Mr Richardson went on to state that, ‘mortgage rates are at historic lows at present and the average two year fixed rate mortgage available now is lower than when the Government launched the scheme in March 2013 so borrowers can save themselves some money by switching to a more competitive deal.’ Additionally, he commented that by, ‘minimising the upfront costs of our Help to Buy remortgages assists the type of customer the scheme was introduced for and, unlike some lenders, Leeds Building Society does not differentiate between first time buyers and home movers and our main Help to Buy range is available to both.’[4]