Shared Ownership & Equity mortgages
Shared Ownership and Shared Equity mortgages are increasingly popular for first-time buyers looking to get on the property ladder. ‘Traditional’ mortgages typically require a significant deposit, which can be difficult for some to manage.
Purchasing a shared ownership property may relieve some of this pressure, as you will purchase only part of the property initially and pay rent to a housing association or landlord for the share you don’t yet own. You can then purchase further shares as and when you can afford to.
Through a shared equity scheme, you won’t need to take out a mortgage for the full amount as the balance of the purchase price will be loaned by a third party in return for equity in the property (which must be repaid at a later date).
If you’d like to receive advice or need support with your application, please contact us.
If you move home and wish to keep your mortgage with Leeds Building Society you may not be required to pay an Early Repayment Charge. Please ask for further details.
Warning: THE MORTGAGED PROPERTY (WHICH MAY BE YOUR HOME) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.