There is a two-year fixed rate, priced at 4.55%, and a five-year fixed rate at 4.45%. Each product has no fee or valuation fee.
Leek Building Society said this was in addition to its existing shared ownership range, which is available up to 95% LTV on the share being purchased, eligible for new builds and flats with purchase and remortgage options.
Each case will be manually underwritten.
Nikki Warren-Dean, head of intermediary mortgage team at Leek Building Society, said: “Shared ownership is an essential part of the UK housing landscape, providing a lifeline for buyers who might not be able to afford a mainstream mortgage product. At Leek Building Society, we continue to recognise its importance, and we’re committed to continuing our support for brokers who work in this space.
“These new 90% LTV products have been designed with brokers in mind, offering competitive rates, no product or valuation fees, and the flexibility that comes from manual underwriting. It’s another way we’re helping more clients take that first step onto the property ladder.”
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Stafford BS adds variable mortgage at 95% LTV
Stafford Building Society has expanded its low-deposit mortgage range with a two-year variable product at 95% LTV.
The product has been developed for first-time buyers and borrowers with non-standard income, and the mutual will apply manual underwriting to assess each case.
The product has no income multiple cap, meaning the mutual will make its decision based on affordability and criteria. The Stafford Building Society said this approach could result in more accepted cases and potentially larger loans.
The mutual will consider the self-employed, contractors, freelancers and borrowers in full-time employment.
The mortgage is priced at the mutual’s standard variable rate (SVR) plus 0.45%, bringing the initial rate to 5.8%. After the initial period, it will revert to the SVR, which is currently 5.35%.
Emma Parker, national account manager at The Stafford Building Society, said: “Brokers tell us they need lenders that look at real affordability, not just a multiple on paper. This product is built around that. We lend with common sense. If a client can clearly afford the payments, we want to help them buy their home.”
Parker added: “We have always believed in looking at each case in full. This launch helps brokers place more applications that reflect the way modern borrowers actually live and work.”
