Leeds welcomes budget support for home ownership
Leeds Building Society, which recently announced record mortgage lending, has welcomed the announcement in today’s budget that will help more people buy their own home.
Residential mortgage completions at the UK’s 5th largest building society increased by 35% to £1.65bn in 2012, and net residential lending was almost two and a half times higher than 2011 at £737m. Furthermore, £497m of this new lending, almost 30%, has helped 5,700 first-time-buyers onto the housing ladder.
Peter Hill, Chief Executive said, “We very much welcome the support for home ownership announced today. We already offer “A helping hand” onto the housing ladder by working in partnership with a number of Local Authorities to provide much needed 95% mortgages to those people who can afford the mortgage repayments, but are currently unable to provide a large deposit.
“This is possible through a combination of the Local Authority placing funds into a ring fenced interest bearing account with the Society as security, and Leeds Building Society providing a very competitive mortgage that requires only a 5% deposit.
“Whilst we need to work through the full details of the guarantee scheme announced, this is definitely a positive step for the housing market and the wider economy.”
Notes to Editors
Leeds Building Society currently offers the “A helping hand” scheme with the following local authorities:
Leeds, Hertfordshire, North Hertfordshire, Watford, Three Rivers, Dacorum, Bristol, Warrington, Blackpool, Stevenage.
Leeds Building Society has 67 branches throughout the UK, Gibraltar and Ireland and assets of £10.3bn (as at 31 December 2012). The Society has operated from the centre of Leeds since 1886.