"We’re constantly considering ways to reward our existing borrowers, as well as adapt our product offering in response to the needs of new borrowers."
- Karen Smith, sales manager at Newbury Building Society
The first product offers a shared ownership fixed rate until 29th November 2026 at 5.89% initial rate for new customers. Key features include a fixed-rate mortgage over a set period of time, 85% maximum loan to value of share, permitted overpayments, free valuation, and a minimum loan size of £40k.
The second product has a shared ownership fixed rate until 29th November 2026 at 5.79% initial rate for existing borrowers. Key features include a fixed-rate mortgage over a set period of time, 85% maximum loan to value of share, permitted overpayments, free valuation, and minimum loan size of £40k.
These fixed-rate products can be used to acquire a shared ownership property with a minimum deposit of 15% of the share purchased with a 5% deposit remaining available. In addition, the products are application and booking fee-exempt.
Commenting on the announcement, Karen Smith, sales manager at Newbury Building Society, has said:
“The Society recognises that customers are looking to put higher deposits down on shared ownership mortgages in order to lower monthly repayment costs and ease the strain caused by the current cost of living environment.
We’re constantly considering ways to reward our existing borrowers, as well as adapt our product offering in response to the needs of new borrowers. Shared Ownership continues to be a popular choice for those wanting to secure their first home in a market where rental demand is currently outstripping supply. We hope these two new 85% LTS products will help new and existing borrowers secure their first or next property.”
