Furthermore, customers can use this product to purchase up to 80% of the property and the mutual 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 new deal from Leeds Building Society, who have just received the ‘Mortgage Innovation Award’ and been named ‘Most Innovative Personal Finance Provider’ at the Moneynet Personal Finance Awards 2014, can be used alongside the Help to Buy equity scheme. The mutual’s offer 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.
Martin Richardson, Leeds Building Society’s General Manager – Business Development commented:
“Help to Buy Equity is a key part of the Intermediary toolbox, but it’s only as good as the products provided by lenders. I’m delighted that we’ve managed to keep the fee to £199 and still deliver a 2 year fixed rate at 2.45%, available to both first time buyers and home movers.
“The combination of £199 product fee and 2 year fixed rate at 2.45% is directly comparable to our core range at 75% LTV. I am confident our new offers will help even more people buy their home - both first time buyers and home movers.”
