New shared ownership mortgages launched

A lender has announced the launch of new home loans which enable borrowers to enter into shared ownership.

Leeds Building Society has rolled out two such products, which have been specifically designed to help first-time buyers on to the property ladder.

They are available with borrowers' shares of up to 95 per cent.

Commenting on the move, general manager of marketing and business development at the firm Martin Richardson said there is much publicity at present concerning the difficulties facing people trying to get a foot on to the housing ladder.

He added: "These shared ownership products facilitate that first step, with only a small deposit required and provide a starting point to staircase up to full home ownership, as earning potential increases."

Another scheme to help people seeking to get their first residence was implemented earlier this year by the government.

It upped the stamp duty threshold to £250,000 for such consumers.