Buckinghamshire BS launches new shared ownership proposition

Buckinghamshire Building Society has launched a new shared ownership mortgage product designed to assist applicants with a smaller deposit.

The five-year fixed rate is available for both purchase and remortgage cases for properties across England and Wales.

The mortgage has a fixed rate of 6.20% with no application or product fees and is available for share purchase of 25%-75% with a maximum loan to Share (LTS) of 95%.

Loans are available from £50,000-£500,000,

Applications where missed payments are present on utility and communications accounts will be considered, as will applications where an individual is in an active debt management plan, as long as the DMP was registered at least three years ago and has been conducted in a satisfactory manner with no further credit issues since.

Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: "Our new shared ownership product aims to ease the entry into the property market for those who may find traditional mortgages challenging to obtain.

"The option to purchase a property with a much lower deposit, coupled with the raft of positive changes we've recently made to our lending criteria, will make home ownership accessible to an increasing group of potential purchasers and further reflects our commitment to provide flexible solutions that cater to the diverse needs of aspiring buyers.

"We understand that financial situations can vary, especially in recent times. Our commitment to inclusivity is reflected in our consideration of applicants with missed payments and those in debt management plans. This approach underlines our dedication to helping individuals overcome financial challenges and get a foothold on the property ladder.

"In my opinion, shared ownership is one of the best schemes out there, providing the perfect stepping stone for a range of buyers to enter the property market and then allowing them to increase their ownership percentage as their financial circumstances evolve."