Leeds Building Society has unveiled a new shared ownership mortgage product.
The group has introduced the deal to assist first-time buyers (FTBs) as they look to get their foot on the first rung of the property ladder .
With a competitive rate of 5.99 per cent for three years, it is hoped the arrangement will come in handy for FTBs facing difficulty accessing the market.
Kim Rebecchi, sales and marketing director at Leeds, explained many young people are struggling to buy their first house due to high asking prices and insufficient income to support a full home loan deal.
Ms Rebecchi stated: “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 new offering includes a maximum overall loan-to-value of 75 per cent, while the top borrower share stands at 95 per cent.
Ms Rebecchi explained the mortgage could be well-suited to people who have attempted to save for a deposit but found they cannot purchase the property in their own right.