The Mansfield Building Society has introduced new two and five-year fixed rate shared ownership products at 95% loan to share.
The new products are offered to Mansfield’s shared ownership club and include a two-year fixed at 3.89% and a five-year fixed at 4.49%.
Both products are offered up to 95% of the share (75% of the property’s value) and come with a £199 application fee, no completion fee and a free valuation.
The products are available for purchase, remortgage and ‘staircasing’ – allowing borrowers who take up the products to gradually increase the percentage of the property they own over time.
As part of its shared ownership offer, the Society will consider properties which come with Section 106 planning restrictions and restricted staircasing leases, such as those in protected rural areas.
The new products are additions to the Mansfield’s shared ownership range, which includes a two-year discounted rate ERC free mortgage and products for individuals working on zero hour contracts or where the applicant has minor historic issues on their credit file.
The society individually underwrites all mortgages on a case-by-case basis and is urging advisers who have shared ownership clients to contact them.
Paul Lewis, national development manager at the Mansfield, said: “The growth in the shared ownership market emphasises the demand of individuals who may not be able to purchase a property with a conventional mortgage but still want to get on the housing ladder. We’re all aware of the need for greater numbers of affordable homes to be built but it’s also vitally important that lenders, such as ourselves, are able to offer a flexible product-set which enables all borrowers to progress towards owning a home of their own.
“These two new fixed-rate products, offered exclusively to our shared ownership club, complement our existing range and provide an increased access to the Society’s criteria, which is designed to support borrowers with real life circumstances.
“shared ownership remains a vital cog in the first-time buyer wheel and we will continue to work closely with intermediaries to ensure they have access to a strong suite of products, backed by common sense criteria and our personal approach.”