The mortgage, which is an exclusive to Legal & General Mortgage Club members only, is available at a rate of 4.79%, with a 90% maximum borrower share. It also has tapered early repayment charges of 3/2% of the amount redeemed.
The mortgage, which is available until 30th November 2015, has a competitive £199 booking fee, plus there is no higher lending fee and no completion fee. The borrower will benefit from receiving £200 cashback on completion, as well as a free standard valuation up to £335.
Martyn Smith, head of mortgage products, Legal & General Network, says:
“This new shared ownership exclusive from Leeds Building Society offers great value for those customers with a 10% deposit, that can’t yet afford to purchase a property outright. Upfront fees have been deliberately kept to a minimum to make this Legal & General exclusive as accessible as possible.”
Phil Coombes, Head of Intermediary Sales at Leeds Building Society, says:
“We are all well aware of the difficulties facing first time buyers. This shared ownership product facilitates that first step, and provides a starting point to staircase up to full home ownership as earning potential increases. . There is no doubt that it will prove attractive to those customers who are ready to make the initial move onto the property ladder.”
