Back to March 2018

Leeds Building Society extends Shared Ownership funding

Leeds Building Society has announced it will offer extra support for affordable housing and help more people have the home they want by extending its Shared Ownership scheme.

The Society has supported Shared Ownership for over 30 years and will now lend on more properties on a site as part of its continued backing of this key pillar of the Government’s affordable housing policy.

“Building on the Society’s extensive expertise and understanding will enable us to flex our site exposure approach, providing much needed support to aspiring home owners, while maintaining appropriate controls,” said Jaedon Green, the Society’s Director of Product and Distribution.

The Society, which continues to lend up to 95% of the borrowers’ share, will now accept up to 10 Shared Ownership properties on a site, or up to a maximum of 25% of Shared Ownership units, whichever is the greater.

“This is proof again of Leeds Building Society’s commitment to new builds and the Shared Ownership market. It will help people have the home they want, in the area they need, in an affordable way,” Kelly McCabe, Managing Director, TMP Mortgages said.

Leeds Building Society is committed to supporting borrowers less well-served by the wider market. It won the title of Best Shared Ownership Mortgage Lender at the 2017 What Mortgage Awards for the second consecutive year.

Jaedon said: “We helped a record 13,000 people buy their first home in 2017 and, as an expert lender in Shared Ownership; we continue to support this important pillar of the Government’s affordable housing strategy.”

Ends

Notes to Editors

Leeds Building Society won the title of Best Shared Ownership Mortgage Lender at the 2017 What Mortgage Awards, its second consecutive year of success in this category.

Leeds Building Society Site Exposure Limits:

  • Up to 10 Shared Ownership properties or 25% of all Shared Ownership units on a site, whichever is the greater.
  • Overall site exposure limited to 25% of the total units on a site.
  • Lending on sites subject to restrictions e.g, section 106, provided agreed standards are met.

Leeds Building Society operates throughout the UK, Gibraltar and Ireland and has assets of £18.5bn at 31st December 2017 (£15.9bn at 31st December 2016). The Society’s head office has been based in the centre of Leeds since 1886.