The Mansfield Building Society has widened the availability of its shared ownership scheme by extending its discounted rate product for purchase, remortgage and staircasing to all brokers.
The society has also updated its shared ownership lending criteria to allow for purpose built flats constructed post-2003 in blocks of up to four storeys. It will also consider properties where a Section 106 Agreement is in place.
The two-year discounted rate product is available up to 95% of the share being purchased (maximum 75% loan to value) on properties located across England and Wales, except within the M25.
With an initial pay rate of 3.89% variable, it comes with a free basic valuation, £199 application fee and no completion fee. An Early Repayment Charge of 2% applies within the discounted period.
Steve Walton (pictured), national development manager at the Mansfield, said: “We introduced the remortgage and staircasing options earlier this year with a limited distribution and we’re now extending this product to all brokers to respond to the increased demand in the sector.
“Our individual underwriting and common sense approach enables us to consider an applicant’s unique circumstances without compromising our approach to responsible lending. That’s why we’re now able to consider more property types for this growing market segment.
“Brokers can expect a quality service from our intermediary support team and be re-assured by our straight forward, no nonsense approach.”