Shared ownership mortgages - the Leeds BS launch a new deal.
There is positive news for cash strapped would-be house buyers looking at shared ownership mortgages.
A new product has been launched by the Leeds Building Society which is specifically aimed at helping first time property buyers to climb onto the bottom rung of housing ladder.
The Leeds shared ownership mortgage is being offered for 75% LTV at a rate of 5.69% fixed for 2 years and offers home buyers a maximum 95% share of the property.
A Leeds Building Society spokesperson commented on the product launch saying that the building society is well aware of the difficulty that first time buyers face when trying to purchase a home. Meeting the full asking price can be a struggle for many especially if their income is insufficient.
The spokesperson went on to add that shared ownership mortgages facilitate the very first step and provide a realistic way to climb the ladder to achieve the eventual full ownership of a property as earnings increase.
The lender hopes that its new shared ownership product will be attractive to would-be buyers ready to make their first purchase.
For more information on shared ownership mortgages contact Deal Direct now.
