Buckinghamshire BS reduces shared ownership rates

Buckinghamshire Building Society has launched a new shared ownership proposition with rates 30bps lower than its previous offering.

In addition to the lower rates, the product also offers no application fees, product fees or valuation fees.

A five-year fixed rate is available for both purchase and remortgage cases from today, for properties across England and Wales.

A headline rate of 5.20% is available for share purchase of 25%-75% with a maximum loan to share (LTS) of 95%.

The maximum loan size is £500,000 and a maximum 6 storeys applies for flats (4 for ex-local authority).

Claire Askham, head of mortgages sales, commented: “One of our core values as a Society has always been to help first-time buyers achieve their dreams of home ownership and I fully believe that today’s new product launch does exactly that.

“With costs continuing to rise on everyday basics and increased pressure on renters due to reduced housing stock as landlords continue to sell up following changes in taxation and EPC regulation, it’s harder than ever to save a substantial deposit. This is where products like shared ownership really add value to the marketplace.

“Here at Buckinghamshire Building Society, we’ve changed our approach when designing our mortgage products to keep the customer at the forefront of everything we do – we call it ‘crafted lending’.

“We look at the barriers of home ownership for a typical shared ownership client and then look at the tools we have available to make that journey easier. As the scheme is typically targeted at buyers with a smaller deposit, it stands to reason that additional upfront fees make it more difficult for these buyers to get on the property ladder. Removing those fees removes those barriers, making home ownership more accessible to more people.

“The current market needs innovative solutions and this is just our first step. We’ve got so much more to come this year across all areas of the Society, it’s an exciting time to be part of the Bucks.”