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Leeds launches 100% and shared ownership fixed rates

Leeds has launched a 100% fixed rate and shared ownership fixed rate mortgage, specifically designed to help first-time buyers onto the property ladder.

The society says the products offer security as buyers can budget safe in the knowledge that their mortgage payment will not increase.

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, allowing clients to take the products with them if they want to move home.

Jeff Kirk, corporate relationship manager at Leeds, says: “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 first-time buyers will find it difficult to purchase their first home.

“Importantly, with the three-year 100% fixed rate mortgage, first-time buyers 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 three years and is an excellent alternative.

Clients 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.”

The products are available through the societys intermediary channel.

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