Leeds launches 95 per cent shared ownership mortgage

Kim Rebecchi, Leeds Building Society's sales and marketing director said, "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 95 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 make the first step into home ownership."
The Society has also launched fees assisted 3 year fixed rate shared ownership products. These products also have a maximum LTV of 75 per cent. The rate is 6.59 per cent with a maximum borrower share of 80 per cent and 6.99 per cent with a maximum borrower share of 95 per cent. Both versions have a free standard valuation up to £335 and offer free in-house legal services for standard re-mortgages.