Leeds Building Society shared ownership mortgage 'facilitates first step'

Date:Thursday 18th November 2010
Author: Susanna Kavka

A source from Leeds Building Society has lauded a new shared ownership mortgage and suggested it could be popular among first-time buyers.

Sales and marketing director Kim Rebecchi explained that the product has a maximum loan to value of 75 per cent, with buyers able to purchase up to 95 per cent of the property.

She claimed this shared ownership arrangement is very useful for individuals who are keen to buy a house, but cannot afford to take on the full mortgage.

"There is no doubt that this product will prove attractive to those customers who are ready to make the first step into home ownership," Ms Rebecchi remarked.

The deal is available at 5.99 per cent fixed-rate interest over two years, with two three-year arrangements available with slightly higher rates of interest.

Leeds Building Society has unveiled a variety of new home finance propositions this week, such as the two-year discount mortgage at 2.8 per cent.