Mansfield BS extends Shared Ownership distribution

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.

Related topics:  Mortgages
Rozi Jones
22nd June 2016
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"We introduced the remortgage and staircasing options earlier this year with a limited distribution and we’re now extending this product 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 4 storeys. It will also consider properties where a Section 106 Agreement is in place.

The 2 year Discounted Rate product is available up to 95% of the share being purchased (maximum 75% LTV) 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, National Development Manager for 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."

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