Leeds offering cheaper mortgages for first-time buyers

Leeds Building Society has launched two new shared ownership mortgage products.

Specifically designed to help first-time buyers establish a foothold on the housing ladder, the deals are available at up to 95 per cent of the borrower's share.

Martin Richardson, general manager of marketing and business development, said the lender was well aware of the difficulties facing such individuals as they seek to purchase a home.

"They can often struggle to put down a large enough deposit on the full asking price or their current income is insufficient to support a full mortgage," he stated.

"These shared ownership products facilitate that first step, with only a small deposit required, and provide a starting point to staircase up to full home ownership, as earning potential increases."

Last month, Leeds Building Society launched a new range of fixed-rate bonds, available over three or five years.

The accounts are guaranteed to pay a competitive return of up to four per cent gross AER with full, instant access to 50 per cent of the capital.

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2010-05-07 13:47:37 © Moneyextra.com