Designed to help first-time buyers onto the housing ladder, the loan has a fixed rate of 6.99%.
Phil Coombes, Leeds Building Society’s head of intermediary sales said, "We are all well aware of the difficulties facing first-time buyers buying a home. 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.
"The product has an overall maximum LTV of 75% with a maximum borrower share of 80%, which is 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."
