Buckinghamshire BS relaunches shared ownership proposition

Buckinghamshire Building Society has re-entered the shared ownership market place with a new product and expended criteria.

The three-year discount rate product is available without a product fee for both purchase and remortgage with a rate of 4.77%.

The product is available for share purchases of 25%-75% with a maximum loan to share of 95% and a maximum loan size of £500,000.

Claire Askham, head of mortgage sales, said: “We’re always looking for ways to improve and expand our mortgage proposition.

“With the end of the Help to Buy scheme fast approaching, we feel it’s important to find alternative ways to support the affordable housing market and shared ownership is a great solution for many first-time buyers to take that leap and get a foothold on the property ladder.

“We all know that one of the major barriers to home ownership for many people is saving for that initial deposit. Here at Buckinghamshire Building Society, we allow borrowers to purchase a minimum property share of just 25% and we lend up to 95% of that share cost, making home ownership a realistic option for a significant amount of potential buyers compared to more tradition methods of property purchase.”