Leeds Building Society has launched a new shared ownership mortgage product, which may attract prospective property buyers who have been unable to secure other types of mortgage. The product is fixed at 5.99 per cent for three years, with a maximum of 75 per cent loan to value and maximum borrower share of 95 per cent.
Kim Rebecchi, sales and marketing director at Leeds Building Society, said the product is intended for people who have already saved for a deposit, but cannot afford to buy a property for themselves. “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,” she added. “This shared ownership product facilitates that first step, and provides a starting point to staircase up to full home ownership as earning potential increases.”
Last month, the building society reduced the rate on its two-year fixed rate buy-to-let mortgage to 3.99 per cent.