Leeds Building Society has added to its range of Help to Buy equity mortgages with a two-year fixed rate product.
Martin Richardson, Leeds Building Society’s director of business development, said: “Two years on from the launch of the Help to Buy equity scheme, lots of borrowers will be coming to the end of their initial deals and seeking a competitive remortgage package.
“We would expect the fee-free version with cashback and free valuation to be attractive to remortgagors who are looking to keep down the cost of switching to a new deal.”
Key features
The new mortgage at 1.59 per cent with a £799 fee is available up to 75 per cent LTV for purchase and remortgage
A fee-free version at 1.95 per cent comes with £250 cashback
Adviser Verdict
Kevin Gates, adviser for London-based IFA Gates Financial Services, said: “Many clients tend to leave after the fixed term expires to secure a better rate. However, these individuals face paying a completion fee for every time they remortgage. This is why five-year deals are more desirable.”
“There has been an enormous increase in demand for buy-to-let mortgages. I have seven buy-to-let mortgages on the books as opposed to one purchase.”
