Homeowners can remortgage on to one of Leeds’ existing Help to Buy products which include a two and five-year fixed rate at 2.34% and 2.99%, respectively, available up to 75% loan-to-value (LTV).

Borrowers will retain their existing loan amount, subject to a valuation, while the government equity loan remains in place.

They will be given the option to redeem the government equity loan as part of their remortgage up to 90% LTV and buy the property outright.

Leeds’ general manager of business development Martin Richardson (pictured) said the society launched its Help to Buy mortgage range in August 2013 and wants to offer those customers a competitive rate when their products expire.

“Now is an ideal time to remortgage as rates have never been lower. When Help to Buy equity was launched in May 2013 the average two-year fixed rate mortgage was 3.80% but by February 2015 this had fallen to 3.14%

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“On an average £140,000 mortgage with a 25-year term this would bring down monthly repayments by more than £49 per month.”

Jeremy Duncombe, director at Legal & General Mortgage Club, said: “This is a fantastic move by Leeds Building Society, demonstrating their support for the market and echoing the innovation it has shown recently in their product range.

“Many Help to Buy customers face a difficult choice when their initial mortgage deal ends, and these options allow them to consider the best alternative for them. Hopefully other lenders will follow suit.”