Leeds launches new shared ownership mortgage

Leeds Building Society has launched a new shared ownership mortgage product, which has been designed to help first time buyers onto the housing ladder, with a competitive fixed rate for shared ownership of only 5.99%.

Kim Rebecchi, Leeds Building Society's Sales and Marketing Director said, "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. This shared ownership product facilitates that first step, and provides a starting point to staircase up to full home ownership as earning potential increases.

"The product has an overall maximum LTV of 75% with a maximum borrower share of 95%, which is ideal for customers who have saved for a deposit but cannot buy a property in their own right. There is no doubt that this product will prove attractive to those customers who are ready to make the first step into home ownership."

The Society has also launched fees assisted 3 year fixed rate shared ownership products. These products also have a maximum LTV of 75%. The rate is 6.59% with a maximum borrower share of 80% and 6.99% with a maximum borrower share of 95%. Both versions have a free standard valuation up to £335 and offer free in-house legal services for standard re-mortgages.

For more information, visit leedsbuildingsociety.co.uk.