Preferred is the only non-conforming lender to offer a shared-ownership scheme. It is available across a range of adverse, from light to heavy, and allows from £2,500 up to £10,000 of CCJs per applicant. It also allows from one to six months rent arrears in the last 12 months.
Rates start at LIBOR plus 3.25 per cent up to 85 per cent of a share between 50 to 75 per cent for a standard purchase and LIBOR plus 3.75 per cent for remortgage.
Mark Phillips, head of telemarketing at Preferred, said: “We monitor our shared-ownership panel to ensure that the intermediaries involved are specialists in this sector. We’re pleased that Trustguard Credit Services has joined our shared-ownership panel at such an exciting time and we look forward to working with it in this expanding sector.”
Sian Brown, national sales manager at Trustguard Credit Services, said: “We are pleased Preferred has chosen Trustguard to promote this exciting and unique product and look forward to making our brokers aware that this market can now be accessed easily.”
Mike Fitzgerald, sales director of Brentchase Financial Services, said there is more opportunity for shared-ownership now that the government has made a commitment to affordable housing.
He said: “People thought shared-ownership was almost dead and buried but I predict a revival over the next two years. Lenders are extremely picky about who sells their products so this is a good reflection on Trustguard.”
