Leeds BS launches shared ownership mortgage aimed at FTBs
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Leeds Building Society has launched a new shared ownership product aimed at helping first-time buyers onto the housing ladder.
The mortgage is a three-year fixed-rate with a rate of 6.99 per cent and available with a loan-to-value of up to 80 per cent of the borrowers share - a maximum of 75 per cent overall LTV.
Borrowers have access to a free valuation of up to £335 and free in-house legal services for remortgage customers.
There is no completion fee and a £199 booking fee. There are tapered early repayment charges of four per cent of the amount redeemed in year one, three per cent in year two and two per cent in year three.
General manager sales Paul Kaye says: “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.
“This shared ownership product facilitates that first step, and provides a starting point to staircase up to full home ownership as earning potential increases.
“The product has an overall maximum LTV of 75 per cent with a maximum borrower share of 80 per cent, which is ideal for customers who have saved for a deposit but cannot buy a property in their own right.
“There is no doubt that this product will prove attractive to those customers who are ready to take the first step into home ownership.”
Leeds Building Society has assets of £9.5bn , as at December 31, 2009, and 67 branches throughout the UK, Gibraltar and Ireland.
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