Leeds Building Society is set to revamp its shared ownership mortgage offerings. The Society is introducing two new 3-year fixed deals, catering to 90% and 95% borrower shares, in a determined effort to help more people onto the property ladder.
The announcement comes as a response to the increasingly challenging housing market in the UK, with the Society noting that home affordability is currently at its most difficult since its establishment in 1875.
The fresh 3-year fixed-rate deals, which will be available from Tuesday, 9th May, are set at 5.12% on a 90% borrower share and 5.40% on a 95% borrower share. Both options come with a free standard valuation and no product fee, making them a more accessible choice for those seeking home ownership.
Sean Hanson, senior mortgage manager at Leeds Building Society, said: “By leading the way in Shared Ownership, we remain steadfast in our commitment to help people onto the property ladder.
“Shared Ownership remains the most effective means of reducing deposits for renters who want to become homeowners but do not yet have the means for traditional full ownership.
“We are pleased to be able to add new Shared Ownership mortgage products and will continue to support first-time buyers to get on the housing ladder as the 40-year-old scheme continues.”
The newly launched products will be available alongside the existing one and 5-year Shared Ownership mortgages, broadening the Society’s offerings and providing potential homeowners with a greater variety of options.
The 3-year fixed-rate deals are available for both purchase and remortgage at a 90% borrower share, with the 95% share option available for purchase.
