"Shared ownership offers an accessible way for people to take their first step onto the housing ladder and it’s likely to grow in popularity given the current squeeze on affordability."
Mansfield Building Society has launched a new shared ownership mortgage product.
The two-year fixed rate is available at 6.09% up to 95% share (75% LTV) and lending includes new build flats up to 4 storeys and houses. It’s also available for purchase, staircasing and remortgage.
As with all Mansfield Building Society mortgages, there is no credit scoring and applications are manually underwritten by its team of underwriters, who are able to take an individual approach to assessing clients’ circumstances and income, such as considering restricted staircasing and Section 106 Agreements.
The product offers a free basic valuation, a £199 application fee and there is no completion fee.
Tom Denman-Molloy, intermediary sales manager at Mansfield Building Society, said: “Shared ownership offers an accessible way for people to take their first step onto the housing ladder and it’s likely to grow in popularity given the current squeeze on affordability.
"Our new two-year fixed rate shared ownership mortgage is available for purchase, staircasing and remortgage, comes with low fees and a competitive rate, and is supported by our famed flexible approach and common-sense underwriting.
"This can be particularly useful for those clients who might benefit from an individual assessment of their income, such as the self-employed and contractors or even those who are working on a zero hours contract.”
