The fixed rate mortgage is available on loans up to 75% LTV, with a maximum borrower share of 90%. The deal is available up to and including 31 January 2015 at a rate of 5.14%. The booking fee for this product is £199, with a completion fee of £300. The product represents fantastic value offering a free standard valuation up to £335, with tapered early repayment charges of 3/2% of the amount redeemed.
Legal and General Mortgage Club have also re-priced their 2 year fixed rate shared ownership product with a maximum borrower share of 95% and overall LTV of 75%. This rate has been reduced from 5.79% to 5.59% and is available up to and including 31st January 2015. The overall fees for this product come in at £399, (£199 booking fee, £200 completion fee) with £500 cash back on completion. The 95% LTV also offers a free standard valuation up to £335, with tapered early repayment charges of 3/2%.
Martyn Smith, Head of Mortgage Products, Legal & General Network says:
"By speaking with a number of our shared ownership specialist brokers, we identified a gap for a competitive product at 90% LTV. Once again, Leeds Building Society have delivered exactly what we were looking for and at the same time they have also reduced the rate on our 95% LTV product which is already proving popular."
Phil Coombes Leeds Building Society’s Head of Intermediary Sales says:
“We are all well aware of the difficulties facing first time buyers buying a home. They can often struggle to meet the full asking price or their current income is insufficient to support a full mortgage. This shared ownership product facilitates that first step, and provides a starting point to staircase up to full home ownership as earning potential increases.
“Our new 2 year product at 5.14% has an overall maximum LTV of 75% with a maximum borrower share of 90%. It’s ideal for customers who have saved for a deposit but cannot buy a property in their own right. We are also pleased that the rate on the existing 2 Year fixed rate has been reduced from 5.79% to 5.59%.
“There is no doubt that these products will prove attractive to those customers who are ready to make the first step into home ownership.”
