Leeds Building Society has launched new shared ownership mortgage products, available over a two or three year period, to help first time buyers onto the housing ladder.
The rates begin from a competitive fixed rate for shared ownership of 5.69%. The two year product at 5.69%, and the three year deal at 6.19%, both have an overall maximum LTV of 75% with a maximum borrower share of 95%.
‘We are all well aware of the difficulties facing first time buyers buying a home. They can often struggle to meet the full asking price or their current income is insufficient to support a full mortgage,’ said Kim Rebecchi, Leeds Building Society's sales and marketing director.
‘These shared ownership products facilitate that first step, and provide a starting point to staircase up to full home ownership as earning potential increases. These new products are ideal for customers who have saved for a deposit but cannot buy a property in their own right,’ she explained.
‘There is no doubt that these products will prove attractive to those customers who are ready to make the first step into home ownership,’ she added.
