Leeds Building Society has announced its new shared ownership mortgage, specifically aimed at first time buyers.
It has a fixed rate of 5.49 per cent for the first three years and allows customers to borrow as much as 100 per cent of their share of the property without incurring a higher lending charge.
"With market rates recently increasing, many customers may wish to lock in value and this three year product is fixed at 5.49 per cent, allowing first time buyers to budget and giving them the peace of mind provided by certainty of payments," said Stuart Fearn, Product Development Manager.
Shared ownership mortgages enable groups of friends or relatives to each own a share of a property based on their salary, deposit and outstanding debts.
Mr Fearn added that the new mortgage was aimed at first time buyers who were having difficulties getting onto the property ladder and supplements their existing range of products.
It requires a £299 completion fee and offers up to a 75 per cent loan to value rate.To read more about mortgages, click here.
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