Mortgages to help first time buyers

Leeds Building Society has launched a 100% fixed rate and Shared Ownership fixed rate mortgage specifically designed to help first time buyers (FTBs) onto the housing ladder and provide peace of mind, allowing them to budget safe in the knowledge that their mortgage payment will not increase.

Furthermore, there is no higher lending charge with either product, no completion fee and free valuations up to £335. Both the products are also fully portable, so customers can take the products with them if they want to move home.

Karen Wint, Head of Marketing & PR said, "We are all well aware of the difficulties facing first time buyers in getting a foothold on the housing ladder. With house prices showing little sign of cooling and many market commentators predicting a further rise in Base Rate, possibly as early as next month, many FTBs will find it difficult to purchase their first home.

"Importantly, with the 3 year 100% fixed rate mortgage, FTBs do not incur any up front costs and can budget effectively with certainty of payments. Furthermore, they can also use a guarantor to increase their purchasing capability.

"The Shared Ownership product is also fixed for 3 years and is an excellent alternative. Customers can borrow 100% of their share, again avoiding the need to use any savings they have as a deposit and still benefit from fixed payments. They also have the option to buy further shares at a later date until the own the whole property."