The West Brom is acutely aware of the problems encountered by first time buyers and individuals on low incomes in getting on the property ladder. Accordingly, the Society has been quick to respond to the Government’s recent proposals to extend shared ownership initiatives, bringing the aspiration of home ownership within the reach of many people who presently cannot afford to buy a property outright.
Through shared ownership, new home owners can buy a share of a property and pay a rent on the share they do not own to a housing association, or other registered social landlord. In time, through buying additional shares in the property, the buyer may be able to own the property outright.
The West Brom is one of the few lenders that has a comprehensive range of products to meet this need in the housing market. In addition to the usual array of mortgages (for those wanting to borrow up to 95% of the share), the Society is now launching two specifically designed products for applicants who need to borrow 100% of the purchase price of their share in the property:
* Shared Ownership – Fixed Option
* 5.99% fixed for 3 years then Bank Base Rate + 0.99% for term
* Maximum LTV 80% of property value up to 100% of borrowers loan requirement
* The minimum loan is £25,001; maximum £200,000
* Added benefits of Free Loan Protection Insurance for 6 months and refund of valuation to a maximum of £350.
* Shared Ownership – Variable Option
* Bank Base Rate + 0.99% for term
* LTV 80% of property value up to 100% of borrowers loan requirement
* The minimum loan is £25,001; maximum £200,000
* Added benefits of Free Loan Protection Insurance for 6 months and refund of valuation to a maximum of £350.
