28 Jun

Leeds Building Society launches first-time buyer shared ownership scheme

Leeds Building Society launches first-time buyer shared ownership scheme

Leeds Building Society has announced its new shared ownership mortgage initiative, which is aimed at encouraging first-time buyers to get on the property ladder.

The mortgage, which has a loan-to-value of 75 per cent and a maximum borrower limit of 80 per cent, has been launched to help customers who already have a substantial deposit.

Leeds Building Society's general manager of sales Paul Kaye said: "This shared ownership product facilitates that first step and provides a starting point to staircase up to full home ownership as earning potential increases."

He added that this deal will be attractive to first-time buyers who might not be able to afford a full mortgage but want to start investing in property.

Last week, managing director of FirstRungNow.com Helen Adams suggested that the forthcoming increase in capital gains tax from 18 per cent to 28 per cent could be good for first-time buyers, as it is likely to make house prices fall.
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