Leeds Building Society has revealed the details of its Help to Buy London range.
The range, which launches on 1 February, contains a 1.79 per cent two-year fixed rate with a £799 fee and a 2.45 per cent five-year fixed rate with a £199 fee. Both come with a free valuation.
Help to Buy London is an extension of the equity loan scheme. However, it offers borrowers an interest-free loan of up to 40 per cent of the property’s value instead of 20 per cent.
Leeds director of business development Martin Richardson says: “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.”