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Help to Buy Calculation from Leeds

10 July 2017


Leeds Building Society, last week, has moved its Help to Buy affordability calculation from 4% to 3%.  The Society continually reviews new build criteria, improving where possible, and this change demonstrates their ongoing commitment to this and the new build market.  

Just wanted to highlight a few other current points of interest:

The Society have some of the most competitive rates available in H2B at the moment, such as:

  • 1.45% fixed until 31/10/19, £999 fee
  • 1.5% fixed until 31/08/19, £999 fee and £500 cashback 

Their most recent Help to Buy product launch changed their structure and now accommodates the regional schemes, without needing a product range for each.  They have also incorporated their Help to Buy re-mortgage range, making all Help to Buy products available for purchase and re-mortgage.   Incorporating adviser feedback, there are now no products with fee assisted legal services, but products at 2, 3 and 5 years have been made available with a £500 cashback. The 3 year products have been included to support planning for the equity loan repayments, allowing customers coming off their initial 2 year deals to take a 3 year product that takes them up to when payments will commence.  

The Society’s service has also been put under the microscope over the last 6 months and it is fair to say that the dramatic improvements have been made in turnaround times – you may have even noticed far fewer post-application questions being asked!!  New build continues to be processed by a dedicated team; the Society’s largest processing team and with more senior underwriters than any other.  They continue to provide a turnaround time significantly below the Society’s average – so less than 8 days to offer from receipt of their minimum submission form!

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