L&G offers Leeds BS loan

Legal & General has added a five-year fixed rate Help to Buy mortgage from Leeds Building Society, available only through its panel.

Martin Richardson, general manager of business development at Leeds Building Society, said: “We have seen strong demand for our mortgages offered through the Help to Buy equity scheme since they were launched last summer.

“Longer-term fixed-rate products are proving increasingly popular in the current uncertain interest rate environment.”

Key features

The mortgage has a rate of 3.99 per cent.

No arrangement fee.

Needs a 5 per cent deposit under the government’s Help to Buy equity loan scheme.

It is available in England, Scotland and Wales, exclusively through intermediaries who are part of Legal & General Mortgage Club’s New Build Panel.

The Help to Buy equity loan scheme lets borrowers access a 95 per cent loan-to-value mortgage and get a loan from the government to boost their deposit, which is interest-free for the first five years.

Adviser view

Paul Doward, a mortgage adviser with Sheffield-based Pad Financial, said: “The rate is good and with no arrangement fee could save buyers over £1000 at a time when they really need it.”