Leeds Building Society backs Help to Buy scheme

Thu, 08 Aug 2013

Leeds Building Society backs Help to Buy scheme
The Leeds Building Society has announced it is offering a new set of products for the government's Help to Buy loan scheme.

Officials at the financial institution have revealed it is offering a 2.99 per cent two year fixed-rate deal, which will enter the market alongside an assisted fees option of around 3.29 per cent.

Both of these products are available with up to 75 per cent LTV and have no higher lending charge. They also allow ten per cent capital repayments each year for those looking to pay off their debt quicker.

Kim Rebecchi, Leeds Building Society sales and marketing director, said: "[We are] confident the [Help to Buy products] will help even more people, both first time buyers and re-mortgagers, to buy their own home."

However, some experts have urged caution in regards to the government-backed measures and argue they may spark off a new housing bubble that could see prices inflate above real market values.

This was a particularly big problem in the US before the 2008 recession and caused a number of homes to be repossessed after repayment rates spiralled out of control.
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