Leeds launches new Right to Buy mortgages

Leeds Building Society has launched a set of new Right to Buy mortgage products.

The society will lend 100 per cent of the discounted purchase price, and up to 75 per cent of the property value for home improvements, according to firm.

Highlights include a 75 per cent LTV two-year fix at 2.14 per cent and a 75 per cent LTV two-year fixed product at 2.64 per cent, with the latter including £1,000 cashback.

The two products detailed above are for purchase and remortgage, and include free standard valuations up to £999.

In addition, both products have a 10 per cent penalty free capital on over-repayments per year, and a tapered early repayment charge declining from 3 per cent in the first year to 2 per cent in the second.

Leeds Building Society director of products Matt Bartle comments: “The Right to Buy scheme has been around for almost 40 years and has been instrumental in helping people buy the home they want, with more than 15,000 purchases through the scheme in each of the last five years.

“By lending 100 per cent of the customer’s discounted purchase price the need for a deposit is reduced, removing what can be one of the most significant barriers to home ownership.”

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