"The product offers an affordable alternative for advisers in helping costumers onto the property market who may otherwise have been unable to buy outright."
Legal & General Mortgage Club has launched an exclusive shared ownership offering with the Melton Building Society.
The exclusive shared ownership product is a four-year fixed rate at 3.99% until the 30th June 2022. The offering is available at 95% loan to sale and 75% loan to value and covers up to a maximum loan of £150,000.
Craig Hall, new build manager at Legal & General Mortgage Club, said: “This is a very welcome move from Melton Building Society. The product offers an affordable alternative for advisers in helping costumers onto the property market who may otherwise have been unable to buy outright.
“Shared Ownership is still largely underused by customers, and as an industry we must work on turning this around. We’re therefore delighted that Melton Building Society has chosen us to distribute this exclusive product, adding further value and diversity to the offerings our brokers already bring to the table. As Shared Ownership progresses, we are likely to see an increase in product innovation from lenders.”
Nicola Alvarez, director of sales and marketing at the Melton Building Society, added: “We understand the challenges of getting onto the property ladder and we are delighted to support Legal & General with this exclusive shared ownership product. We are pleased to be one of just a few lenders who are able to offer shared ownership products to purchase new build properties at 95% loan to share.”