Borrowers can put down a 5% deposit and obtain an interest-free loan from the Government of up to 40% of the property’s value (compared to 20% in HTB1).
Leeds' HTB London rates include a two year fixed rate mortgage at 1.79% with a £799 fee, and a five year fixed rate mortgage at 2.45% with a £199 fee - both with free valuation.
Martin Richardson, Leeds Building Society’s Director of Business Development, said: “The London scheme goes live on Monday and we’re releasing details of our products early in order to help our intermediary partners start the process and better support borrowers.
We encourage efforts to help more people – including First Time Buyers – to have the homes they want and look forward to continuing the success of our involvement in HTB1 in England, Scotland and Wales.
This latest development of the scheme in London makes Help to Buy a practical solution in the capital, where the average house price is almost 18 times the average salary. Affordable housing in London has typically relied on shared ownership and HTB London complements our extensive range of shared ownership mortgages, providing additional choice for consumers.
In addition to shared ownership and higher LTV traditional mortgages, we offer our award-winning Welcome Mortgage, with a competitive fixed rate and the choice of three or six months at the start of the home loan where the borrower pays 0% interest.”
Leeds Building Society has been part of the original HTB equity scheme since summer 2013 and last year became the first lender to accept remortgage applications from HTB equity borrowers.
