Leeds Building Society launch shared ownership mortgage

Leeds Building Society has launched a new shared ownership mortgage offering a share of up to 95 per cent, those looking for a cheap mortgage might want to take note.

The product is designed to help first time buyers get a foot on the property ladder and offers competitive fixed mortgage rates of 6.19 per cent.

"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," explained Kim Rebecchi, sales and marketing director at the firm.

She added that the mortgage offers an LTV of 75 per cent overall, with a borrower share of 95 per cent, making it perfect for young people who have saved a deposit but have been unable to buy a property in their own right.

However, Lloyds TSB has said its Lend a Hand and Local Lend a Hand home loan options are a better deal, as the buyer owns the property in its entirety. 

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2011-04-13 13:27:53 © Moneyextra.com