Mansfield launch shared ownership range
The new range includes mortgages available up to 95% of the share being purchased and offers fixed rates for a period of either 2 or 3-years or discounted rates for 3-years.
Payable rates for the discounted product start at 4.79% with an application fee of only £199 and benefit from no completion fees and a refunded valuation fee up to £400.
Fixed rates start at 5.19% for 3-years with an application fee of £199, a completion fee of £100 and also have the benefit of a refunded valuation fee up to £400.
Gev Lynott, Mansfield chief executive, said: “The Mansfield Building Society is determined to help first time buyers throughout the East Midlands, South Yorkshire, Northamptonshire, Rutland and Cambridgeshire, with the introduction of new and repriced shared ownership products up to a maximum of 90% and 95% 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.
“Borrowers can usually buy additional shares at a later date right up to full ownership through a process known as staircasing.”
Lynott continued: “We are confident that these new products will prove to be very popular with those who, initially at least, cannot afford to buy a home outright.
“These are difficult times for first time buyers but The Mansfield is an ideal starting point for anyone thinking about buying their own home.”