Leeds launches 10-year Help to Buy

The long-term mortgage, released in partnership with Barratt Developments, is the only one of its kind and is currently available at a rate of 4.99%.

The building society is also releasing a 10-year Help to Buy ‘Welcome Mortgage’, which enables borrowers to pay a 0% introductory rate for the first three to six months.

Martin Richardson, Leeds Building Society’s general manager, Business Development, said: “We have seen strong demand for our Help to Buy mortgages since these were launched last summer.”

“We’re delighted to be able to combine what Help to Buy offers with the unique features of our award-winning Welcome Mortgage, in association with Barratt Developments, to give borrowers even more choice when buying a new build home.”

Help to Buy versions of the Welcome Mortgage are also available on 5 and 2-year fixed rates at 4.40% and 2.88% respectively.

Adrian MacDiarmid, head of mortgage lender relations at Barratt Development, added: “Homebuyers often find the first few months after buying a home the most financially-challenging with, for example, the need for new furniture - so the idea of a short interest-free period is very attractive, as is the peace of mind that the unique fixed 10-year option provides.”

All Leeds Building Society Help to Buy mortgages come with a free valuation on properties up to £200,000.

The Help to Buy deals in partnership are available for government equity schemes in England, Wales and Scotland.