It is available via members of the Mortgage Next Network and directly authorised brokers registered with Mortgage Next Partners.
The shared ownership mortgage consists of a discount of 0.75 per cent off the standard variable rate for three years from completion.
The mortgage features include:
- Early redemption charge of 3 per cent of the loan amount if ther loan is reduced by more than 50 per cent in the discount period
- Free valuation and no administration fee
- £150 completion fee
- 100 per cent of purchase share
- Loan is portable
- Procuration fee 0.40 per cent
Marketing director, Justine Tomlinson, said: "Shared ownership schemes give individuals who can’t otherwise afford to buy a property the opportunity to buy a proportion of the property and pay rent to a registered landlord. In most schemes the individual can increase the proportion of the property they own over time so that, as their circumstances change, they will have the option to increase their share of the ownership.
"This product will appeal to individuals wishing to take their first step onto the property ladder and gives the added benefit of a free valuation."
