The product has a fixed rate of 5.99%, and an overall maximum LTV of 75% with a maximum borrower share of 95%.
Commenting, 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 society has also launched fees assisted 3 year fixed rate shared ownership products. 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 remortgages.
