The offering is available for both purchase and remortgage cases
Buckinghamshire Building Society has introduced a new shared ownership proposition with rates that are 30 basis points lower than its previous offering.
Aside from lower rates, the new 5.20% five-year fixed rate product also features no application fees, no product fees, and no valuation fees.
Available for both purchase and remortgage cases, homebuyers can borrow from £50,000 up to £500,000 for properties across England and Wales.
“One of our core values as a society has always been to help first-time buyers achieve their dreams of homeownership, and I fully believe that today’s new product launch does exactly that,” Claire Askham (pictured), head of mortgages sales at Buckinghamshire Building Society, commented.
“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.”
Askham added that they look at the barriers of homeownership for a typical shared ownership client and then look at the tools they 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,” she pointed out. “Removing those fees removes those barriers, making homeownership 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.”
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