L&G launches exclusive shared ownership mortgage
The 2-year fixed-rate shared ownership mortgage is available at a rate of 4.79%, with a 90% maximum borrower share. It also has tapered early repayment charges of 3/2% of the amount redeemed.
Martyn Smith, head of mortgage products, Legal & General Network, said: “This new shared ownership exclusive from Leeds Building Society offers great value for those customers with a 10% deposit, that can’t yet afford to purchase a property outright.
“Upfront fees have been deliberately kept to a minimum to make this Legal & General exclusive as accessible as possible.”
Phil Coombes, head of Intermediary Sales at Leeds Building Society, added: “We are all well aware of the difficulties facing first time buyers.
“This shared ownership product facilitates that first step, and provides a starting point to staircase up to full home ownership as earning potential increases. .
“There is no doubt that it will prove attractive to those customers who are ready to make the initial move onto the property ladder.”
The mortgage, which is available until 30th November 2015, has a £199 booking fee, plus there is no higher lending fee and no completion fee. The borrower will also receive £200 cashback on completion as well as a free standard valuation up to £335.