The Leeds Building Society has launched a new shared ownership mortgage product for first time buyers.~

It is priced at 5.69% for 2 years.

“We are all well aware of the difficulties facing first time buyers buying a home,” said Phil Coombes, Leeds Building Society’s head of intermediary sales. “They can often struggle to meet the full asking price or their current income is insufficient to support a full mortgage.

“This shared ownership product facilitates that first step, and provides a starting point to staircase up to full home ownership as earning potential increases.

“Our new two-year product at 5.69% has an overall maximum LTV of 75% with a maximum borrower share of 95%. It’s ideal for clients who have saved for a deposit but cannot buy a property in their own right.

“There is no doubt that this product will prove attractive to those clients who are ready to make the first step into home ownership.”