Shared Ownership Mortgage From Leeds

Leeds Building Society has a new shared ownership mortgage which has been specifically designed to help first time buyers.

The new deal offers a competitive shared ownership 2 year fixed rate mortgage at 5.99%.

It’s available for up to 95% of the borrowers share, with a maximum 75% overall loan to value (LTV).

There’s no higher lending fee, a £199 booking fee and £200 completion fee up to £500,000 and 1% over £500,000.

There are early repayment charges, 3% of the redeemed amount in year 1 and 2% in year 2.

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.”

There are also fees assisted fixed rate shared ownership mortgages available with a 3 year term.

These products also have a maximum LTV of 75%. The rate is 6.59% with a maximum borrower share of 80% and 6.99% with a maximum borrower share of 95%. Both versions have a free standard valuation up to £335 and offer free in-house legal services for standard re-mortgages.

For more information, customers can call into their local branch, or visit the website at www.leedsbuildingsociety.co.uk or call the mortgage hotline on 08450 540 994