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Shared mortgage deals 'set to help first-time buyers'

06-May-2010

Published by Sam Franklin

Leeds Building Society has introduced two new shared mortgages that are tailored with first-time buyers in mind.

The pair of products, which could be used by young home buyers to get on the first rung of the property ladder, are said to be available up to 95 per cent of the borrower's share.

Those who take up the financial institution's offer will be given a choice of either a fees-assisted fixed-rate deal or a variable-rate mortgage.

Martin Richardson, general manager of marketing and business development at the building society, says: "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."

He adds the firm's shared mortgage offerings will prove to be "attractive" to first-time buyers seeking a viable way into the market.

A shared mortgage may be worth considering for many people struggling to raise the cash to buy a home outright, as the financial burden can be halved when purchasing with a partner.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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Interest rates are low but could rise? Is this a good time to buy?

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Varialbe rate mortgages go up if bank interest rates do. Which is your preference?

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Interest only mortgages are cheaper but in the end you don't end up owning the property. Which is better?

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Shared equity mortgages allow you to buy a new home with 5% deposit and an equity loan through FirstBuy. What do you think?

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Rent to buy allows you to peg a property price, save towards a deposit and pay reduced rent. What do you think?

Works best in a rising market
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