Mansfield Building Society has reduced the rate on its two-year fixed rate shared ownership mortgage and extended its affordability calculation.
The product, with an initial pay rate of 3.59%, is available to 95% of share and can be accessed by those purchasing and remortgaging, as well as those simply looking to acquire an additional share in their existing property (staircasing).
Shared ownership borrowers looking to access the society’s shared ownership criteria are now able to use up to 50% of regular bonus, overtime or commission in addition to their usual income to demonstrate affordability.
Tom Molloy, Mansfield intermediary sales manager, said: “Mansfield Building Society has been a consistent supporter of shared ownership because, as a mutual building society, we believe it’s important to make home ownership as accessible as possible. These values are also reflected in our broad range of mortgage options and our lending ethos that recognises everyone is different.
“By reducing the rate on our two-year fixed rate deal and allowing borrowers to make use of regular bonuses, overtime and commission, we’re giving a real boost to existing and prospective borrowers in the sector. We’re enabling borrowers take their first steps towards home ownership, and giving those that already have a shared ownership mortgage the possibility of increasing their share in the property.
“We’re looking forward to helping brokers offer exciting solutions to their customers and, as a result, grow their businesses.”