The Tipton and Coseley Building Society have launched a new range of shared ownership mortgages available across England and Wales.
The products – available up to 90% Loan-to-value ratio of the share being purchased – offer discounted rates including 3.79% for 3-years with an application fee of £199 and no completion fees.
A 3.89% term discount also offers a free standard valuation and no early repayment charges.
Richard Groom, head of mortgage sales, said: “The Tipton and Coseley Building Society is determined to help first time buyers with the introduction of new shared ownership products up to a maximum of 90% of the borrower’s share of the property being purchased.
“Shared ownership allows borrowers to purchase between 25% and 75% of a property’s market value with rent being paid on the remaining portion. Rental payments are generally lower than comparable mortgage costs so shared ownership can be an attractive, cheaper alternative to outright purchase.
“We are confident that these new products will prove to be very popular with first time buyers across the country who, initially at least, cannot afford to buy a home outright. These are still challenging times for first time buyers but shared ownership is one of a number of initiatives the Tipton has available for anyone thinking about buying their first home.”
Founded in 1901 in the offices of a local solicitor, The Tipton and Coseley Building Society is an independent building society based in the West Midlands.