Leeds Building Society launch 100% fixed & shared ownership mortgage

30/01/2007

A 100% fixed rate and Shared Ownership rate mortgage has been launched from Leeds Building Society. It is here today to help first time buyers FTB’S get on the property ladder, this type of mortgage also leaves people in a stress free position. Leeds Building Society have designed this mortgage to give first time buyers a chance to make a budget knowing that at the end of the month the mortgage repayments will not increase.

The other advantage is that there are no lending charges also any completion fees. Many people today are deciding to take on this type of mortgage because it’s basically a stress free mortgage deal.

"We are all well aware of the difficulties facing first time buyers in getting a foothold on the housing ladder. With house prices showing little sign of cooling and many market commentators predicting a further rise in Base Rate, possibly as early as next month, many FTBs will find it difficult to purchase their first home.

"Importantly, with the 3 year 100% fixed rate mortgage, FTBs do not incur any up front costs and can budget effectively with certainty of payments. Furthermore, they can also use a guarantor to increase their purchasing capability.

"The Shared Ownership product is also fixed for 3 years and is an excellent alternative. Customers can borrow 100% of their share, again avoiding the need to use any savings they have as a deposit and still benefit from fixed payments. They also have the option to buy further shares at a later date until the own the whole property." Said Head of Marketing, Karen Wint.

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