The latest figures from Trigold Crystal’s mortgage product index show that in the 12 months from May 2009 the number of mortgage products in the UK has increased by over 1,000 from 3,606 to 4,989. This is 2,000 more products from the lowest point of the market in August 2009, but still far from the 10,000+ products in the heady days of 2006/2007.
Leeds Building Society has launched two shared ownership mortgage products, which have been specifically designed to help first time buyers onto the housing ladder. They are available up to 95% of the borrower’s share so if you are buying a 50% equity share you can finance 48.75% which should help pull home ownership within more people’s reach (Example: £130,000 property on 50% equity share equates to £65,000 against which you could mortgage £61,750, which helps with affordability calculators and minimises the amount of deposit required). Bravo to the Leeds.
Andrew Fowler worked for Limetree Financial Services until December 2010. Feel free to contact another member of our team for help or advice.