Leeds Building Society has launched two new remortgage products for homeowners who bought their properties with assistance from the Government's Help to Buy equity scheme.
The Society claims to be the first lender to accept remortgage applications from existing Help to Buy Equity homeowners and has now extended its range by adding two fees assisted deals just for remortgage.
These are a two-year fixed rate Help to Buy product at 2.44% and a five-year fixed rate Help to Buy product at 3.14%.
Both are available up to 75% loan-to-value (LTV) and come with fees assisted legal services for standard remortgages.
These two new deals are in addition to the Society's existing Help to Buy mortgages, which are available for remortgage as well as home purchase.
Help to Buy deals:
Two-year discount at 1.99%
Two-year fixed rate at 2.34%
Five-year fixed rate at 2.99%
In common with the new fees-assisted mortgages, these are available up to 75% LTV.
Leeds Building Society's Help to Buy mortgages and remortgages come with a £199 fee and free valuation, and are available through intermediaries.
Martin Richardson, Leeds Building Society's general manager - business development, said: "The first homeowners who bought under the Help to Buy Equity scheme are now coming to the end of their mortgage deals and have their first opportunity to switch to a better deal.
"Mortgage rates are at historic lows and the average two-year fixed rate mortgage now is lower than when the Government launched the scheme in March 2013 so borrowers can save themselves some money by switching.
"Minimising the upfront costs of our Help to Buy remortgages assists the type of customer the scheme was introduced for and, unlike some lenders, Leeds Building Society does not differentiate between first-time buyers and home movers and our main Help to Buy range is available to both."
Help to Buy Equity homeowners can remortgage to a competitive rate with Leeds and retain their existing loan size, subject to valuation, keeping the Government equity loan.
Alternatively, they can choose to redeem the Government equity loan as part of their remortgage up to 90% LTV and buy the property outright, using any one of the Society's competitive mortgages available up to 90% LTV.
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