First of new Help to Buy mortgages for buyers in London announced

Leeds Building Society it to launch its range of new Help to Buy London mortgages when the Government scheme goes live next month.

The Society is among the first lenders to join the initiative to help more people in the capital to buy their first home, where they can put down a 5% deposit and obtain an interest free loan from the Government of up to 40% of the property’s value.

‘We are committed to supporting this important Government initiative, which makes Help to Buy a practical solution in London, where the average house price is almost 18 times the average salary,’ said Martin Richardson, Leeds Building Society’s director of business development.

‘Affordable housing in London has typically relied on shared ownership and Help to Buy London complements our extensive range of shared ownership mortgages, providing additional choice for consumers,’ he pointed out.

‘We’re pleased to be among the first lenders to join this latest scheme, which builds on the success of our support for Help to Buy equity in England, Scotland and Wales. As part of our efforts to support borrowers who are not well served by the wider market, we welcome initiatives which harness innovation to help more people to have the homes they want, including first time buyers,’ he added.

Leeds Building Society has been part of the original Help to Buy equity scheme since summer 2013 and last year became the first lender to accept remortgage applications from Help to Buy equity borrowers.

[Source:- Property Wire]