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.”