Leeds Building Society has unveiled a new shared ownership mortgage aimed at supporting first-time buyers (FTBs) as they attempt to get their foot on the first rung of the property ladder.
The product requires no deposit from the borrower and also boasts a free standard valuation worth up to £335.
Kim Rebecchi, sales and marketing director at the provider – which has been operating for more than 125 years – noted everybody is aware of the difficulties FTBs are currently facing when trying to raise a deposit and secure a dwelling of their own.
The industry figure stated: “Shared Ownership has been a key part of our strategy to increase lending and help more FTBs buy a home and we have designed these products to do exactly that.”
She explained this approach can also prove to be a cheaper solution than renting for many, while it also features very low set up costs.
The method could therefore prove ideal for those who can afford monthly repayments but lack the resources to muster up a large enough deposit at present.
