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Leeds offers shared ownership deal up to 95% of borrower share

Leeds Building Society has launched two shared ownership mortgage products, which have been specifically designed to help first time buyers onto the housing ladder, and are available up to 95% of the borrower’s share.

This includes a five-year variable shared ownership deal + 1.15%, currently 6.64% available up to 95% of the borrowers share – maximum 75% overall LTV, no higher lending charge, £250 cashback and a £199 booking fee and a £99 completion fee.

It is also offering a shared ownership three- year fees assisted fixed rate, with 7.89% fixed up to and including 31 July 2013, also available up to 95% of the borrowers share – maximum 75% overall LTV, no higher lending charge, with free valuation up to £335, free in-house legal services for remortgages, available to guarantors, no completion fee and a £199 booking fee.

Phil Coombes, head of intermediary sales at Leeds, says: “We are all well aware of the difficulties facing first-time buyers buying a home. They can often struggle to put down a large enough deposit on the full asking price or their current income is insufficient to support a full mortgage.

“These shared ownership products facilitate that first step, with only a small deposit required, and provide a starting point to staircase up to full home ownership, as earning potential increases.”

Lees Building Society is offering clients either a fees assisted fixed rate or variable rate with a cashback.

He adds: “There is no doubt that these products offer FTBs a viable way onto the housing ladder and will prove attractive to those clients who are ready to make the first step into home ownership.”

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Over 1,000 more mortgage products  in a year

The latest figures from TrigoldCrystal’s mortgage product index show that in the 12 months from May 2009, the level of mortgage products in the UK has increased by over 1,000 from 3,606 to 4,989 and over 2,000 more from the lowest point of the market in August 2009.

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Comments
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  • Paul Silcox 5th May 2010 at 4:42 pm

    Personally, I would rather the government stopped interfering so that I could buy 100% of my home at 50% of current prices, than buy 50% of my home at 100% of current price. Of course, a drop in prices would certainly increase brokers’ turnover in a sustainable way.