Hanley Economic Building Society has launched a two-year discounted remortgage product for Help to Buy borrowers.
The product has an initial two-year discounted pay rate of 1.94 per cent.
It offers Help to Buy borrowers a remortgage option to remove the equity element of the loan and effectively take ownership of the whole property.
The product includes a free valuation and £1,000 cashback to offset higher legal costs.
There are no additional fees and no credit scoring.
The minimum loan amount is £30,000, with a maximum of £500,000.
An early repayment charge of 3 per cent of the balance will apply if the mortgage is repaid in full within the first two years.
This product is available through brokers and direct.
Hanley Economic Building Society head of marketing & business development David Lownds says: “This is a highly competitive product in a market which will see rising demand in the coming weeks and months.
“A wave of Help to Buy borrowers are currently evaluating their remortgage options and now is the perfect time for intermediaries to engage with such borrowers within their existing client bank.”