17 Nov

First-time buyers given help with shared ownership scheme

First-time buyers given help with shared ownership scheme

First-time buyers looking to purchase houses for sale in the UK have received help after Leeds Building Society announced the launch of a shared ownership mortgage.

The product is available on mortgages with 75 per cent loan-to-value at a two-year fixed-rate of 5.99 per cent, allowing the borrowers to own a 95 per cent share of their property.

It has also released two shared ownership fees assisted three-year fixed-rate loans, which allow the buyer to have an 80 per cent or 95 per cent share on their home at different repayment rates (6.59 and 6.99 per cent respectively).

Leeds Building Society's sales and marketing director Kim Rebecchi said: "[This scheme] provides a starting point to staircase up to full home ownership as earning potential increases."

Last week, Halifax revealed that 69 per cent of people who said in a survey that they would consider buying houses for sale through a shared ownership initiative, thought doing so would make properties more affordable.ADNFCR-1222-ID-800241020-ADNFCR

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