Leeds’ chief executive, Ian Ward, said: “We welcome the support package for first-time-buyers that is expected to be announced today by the Chancellor, George Osborne. We know from our own experience that the biggest barrier to homeownership can often be saving for a deposit, and this scheme is a positive step by the Government.
“That is why our shared ownership mortgages, where customers typically buy a 50% share in the property, and then increase this share later up to full home ownership, have proved extremely popular. We offer mortgages up to 95% of the borrowers’ share, so the deposit required is much smaller than a traditional mortgage. Where a customer is buying 50% of the property, they only need to find a 2.5% deposit.
“We are committed to supporting more homebuyers by increasing lending and this, combined with the scheme announced by the Chancellor today, will result in thousands more achieving their aspiration of homeownership.”
