Leeds Building Society will now offer its ‘welcome mortgage’ to the shared ownership sector.
The mortgage offers an interest rate of 0% for the first three months, after which it has a rate of 5.13% up to 95% of the borrower’s share.
Jeadon Green, director of product and distribution at Leeds, said: “Leeds Building Society has extensive experience and expertise, working with the affordable housing sector and is a leading provider of shared ownership mortgages up to 95% borrower share.
“Welcome is a natural extension of our shared ownership proposition and it helps ease the transition into home ownership. Borrowers continue to pay the capital but Welcome provides valuable breathing space with an interest rate of 0% for the first three months.”
The mortgage comes with a free standard valuation.
Kelly McCabe, managing director at The Mortgage People, said: “Leeds Building Society has been steadfast in its support for shared ownership and genuinely understands the challenges of our customers.
“This is a great addition to their range and provides borrowers with extra choice.”