Leeds BS launches first HTB London mortgages

1st February 2016

The first HTB London mortgages from Leeds Building Society launched on February 1 and the society is expecting strong demand from London buyers.

In recognition of the higher property prices in the capital, 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.

Leeds Building Society’s HTB London mortgage deals 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 deals come with a free valuation.

Martin Richardson, Leeds Building Society’s director of business development, said: “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.”

Leeds Building Society has been part of the original HTB equity scheme since summer 2013 and became the first lender in 2015 to accept remortgage applications from HTB equity borrowers.

*2 year fixed with TSB 1.09% then 3.59% - APRC is 3.3% Max LTV is 60%. Quoted on 27th May 2020.