Buckinghamshire Building Society is introducing a new shared ownership proposition with rates slashed by 30bps from their previous offering.
In addition to the lower rates, the product also attracts no application fees, no product fees and no valuation fees!
The five-year fixed rate is available for both purchase and remortgage cases from today, for properties across England and Wales.
Key features include fixed rate of 5.20% until 31st May 2028, maximum loan to Share (LTS) of 95%; loans from £50,000-£500,000; and maximum 6 storeys for flats (4 for ex-local authority)
Buckinghamshire head of mortgage sales Claire Askham comments: “With costs continuing to rise on everyday basics and increased pressure on renters due to reduced housing stock as landlords continue to sell up following changes in taxation and EPC regulation, it’s harder than ever to save a substantial deposit. This is where products like Shared Ownership really add value to the marketplace”.
She adds: “As the scheme is typically targeted at buyers with a smaller deposit, it stands to reason that additional upfront fees make it more difficult for these buyers to get on the property ladder. Removing those fees removes those barriers, making home ownership more accessible to more people”.
