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20 December 2011 For Immediate Release
Leeds Building Society launches 100% fees assisted shared ownership mortgage
Leeds Building Society has unveiled a new Shared Ownership mortgage that will support even more first-time-buyers (FTBs) onto the housing ladder. The UK’s 5th largest building society, which increased its lending to FTBs by 85% in the first half of this year, has launched a product that does not require any deposit from the borrower and also offers a free standard valuation worth up to £335.
Kim Rebecchi, Leeds Building Society’s Sales and Marketing Director said, "We are all well aware of the difficulties faced by FTBs getting onto the housing ladder and finding a deposit can often be the biggest barrier. 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.
"Shared Ownership can also be a cheaper option than renting. By providing a product that offers 100% of the borrowers share and very low set up costs, we hope that we can help customers who aspire to homeownership in 2012 and can afford the monthly payments, but currently cannot save a big enough deposit, to buy a share in a property and eventually own it outright."
For more information, customers can call into their local branch, or visit the website at www.leedsbuildingsociety.co.uk. Alternatively call the Society’s mortgage hotline, on 08450 540 994, where qualified mortgage advisors are available 7 days a week from 8am to 8pm in the North East based call centre.
Ends
Notes to Editors
Key Features
Shared Ownership 2 Year Fees Assisted Fixed Rate (Only available through Branches and Call Centre)
- 6.49% fixed up to and including 31 March 2014
- Available up to 100% of the borrowers share (maximum 75% overall loan to value)
- No Higher Lending charge
- Free valuation up to £335
- No Completion fee
- £199 booking fee
- Tapered early repayment charges of 3% of the amount redeemed in year 1 and 2% in year 2
Leeds Building Society has assets of £9.5bn (as at 31 December 2010) and 67 branches throughout the UK, Gibraltar and Ireland. The Society has operated from the centre of Leeds since 1886.