Leeds launches shared ownership product
The product allows clients to borrow 100 per cent of their share of the property and there is no higher lending charge. The Society will consider a wide range of circumstances, including:
* County Court Judgements (CCJs) – max of £3,000 and none in last six months.
* Mortgage or rent arrears, max of two missed payments in last 12 months.
Jeff Kirk, corporate relationship manager at Leeds, said: “We have already created a range of innovative products designed to offer customers with impaired credit the opportunity to remortgage or purchase their own home at a competitive rate.
“It is also well publicised that many first-time buyers need a shared ownership product to get onto the housing ladder and staircase up to owning the whole property. We already offer shared ownership products for clients with good credit and it is clear that if a customer has impaired credit and needs shared ownership, they have very little opportunity to own their own
“With this in mind we have launched this new mortgage, which allows clients to borrow 100 per cent of their share of the property and there is no higher lending charge.”