Leek Building Society has launched Shared Ownership Mortgage to make owning a home in England an achievable reality.

The lender said its shared ownership mortgage comes with an interest rate that is fixed for five years.

Buyers with household incomes below £80k in England (£90k in London) can purchase a portion of their home while paying subsidised rent on the remaining share.

Key benefits of the shared ownership mortgage include:

·       Reduced deposit requirements compared to traditional mortgages

·       Flexibility for buyers to increase their ownership share over time

·       Affordable monthly mortgage payments, coupled with subsidised rent on the remaining share

·       Available on new build houses and flats up to 95% of share

The Staffordshire-based society said its offering not only significantly reduces the upfront costs buyers face, but also provides a viable pathway towards full home ownership.

Leek Building Society head of intermediaries Nikki Warren-Dean said: “At Leek Building Society, we recognise the challenges many individuals encounter in realising their dream of home ownership, especially in today’s market. Our Shared Ownership Mortgage is there to lend a helping hand to those struggling to secure substantial deposits and first-time buyers seeking a foothold on the property ladder.”