Leeds BS launches shared ownership savings product

Leeds Building Society has launched a savings product specifically designed to support shared ownership mortgage holders.

The Shared Ownership Saver offers an interest rate of 6%, helping shared ownership members to increase their ownership percentage on their homes through staircasing.

The average shared ownership property purchased by the Society’s members is valued at around £287,700. So, to staircase by a 1% increment, the mortgage holder would need to save £2,877. Someone saving £100 per month could reach this goal in 2 years and 3 months.

Research conducted by Leeds Building Society at the end of last year showed 60% of respondents who were hoping to buy within the next five years said that shared ownership could help them get on the ladder, and 22% of homeowners felt it would have helped them get on the ladder sooner.

The Society says it has seen a 19% increase in applications for shared ownership mortgages between January and May this year compared to the same five months in 2022.

Matt Bartle, director of products at Leeds Building Society, said: “At Leeds Building Society we continuously look for new ways to help people onto and up the property ladder.

“We are proud to launch this new savings product which is tailored to the unique needs of shared ownership mortgage holders. Shared ownership is a great solution to help aspirational homeowners to get a foothold on the property ladder as buyers need a smaller deposit, allowing them to buy sooner than they might otherwise.

“This new savings product launch demonstrates our commitment to helping members achieve their goals faster.”