Leeds has launched a 6.99% fee free three-year fixed rate shared ownership mortgage for properties in Scotland.
The product, fixed until August 31 2010, also allows customers to borrow up to 95% of their share in the property without paying a higher lending charge.
The deal is available up to 75% LTV, and has free valuations up to £335 with free in-house legal for remortgages.
Jeff Kirk, corporate relationship manger at Leeds, says: “We all know the difficulties being faced by first-time buyers in the current market, and Leeds is committed to finding ways to help them onto the housing ladder.
“This product allows them to do this within a fixed budget.
“It will also help to keep down the initial costs of buying their first house, as we will lend 95% of their share.
“Once they are comfortable with the monthly payments we will work with them to purchase a greater share of the property until they eventually own the property outright.
“With last week’s National Housing and Planning Advice Unit report showing that by 2026 the average house price is likely to be 10 x the salary of an average first-time buyer, initiatives designed to help this segment of the market are crucial.”