21 August 2017
The Government’s flagship Help to Buy (HTB) scheme doesn’t charge borrowers interest for the first five years (the ‘Interest Free’ period). However lenders are required to assess whether customers will be able to afford this loan throughout its term. To continue supporting those using HTB, Leeds Building Society has reduced the figure used to calculate the affordability of the equity loan from 4% to 3%.
As a result of broker feedback the Society has also refreshed its range of HTB products. The range includes 2, 3 and 5 year fixed rate products so that both first time and remortgage customers have the option of certainty of their monthly payments for the duration of the Interest Free period. Many of the products are also fee free and offer cash back to give customers even more of a helping hand when they are most stretched.
Leeds Building Society have interviewed their Senior Product Development Manager, Seán Hanson on the HTB market, about how Leeds Building Society reviews its proposition to ensure it meets the needs of borrowers, and what he expects ahead of the 5 year anniversary of HTB scheme in April 2018. To read the article, click here.
To find out more about the Leeds Building Society Help to Buy products, click here.