Newbury Building Society has announced that it has launched two new Shared Ownership products – one fixed and one variable, aimed at helping first-time-buyers take their first step onto the property ladder.
According to the lender, the two new products are a Shared Ownership 3 year fixed at 3.19% – 85% LTV and a Shared Ownership 3 year discount at 2.44% – 85% LTV.
The product is designed for those who have at least a 15% deposit of the share they are buying and can be used to purchase new build properties; both houses and flats.
The 3 year fixed is also application fee free.
Roger Knight, Lending Manager at Newbury Building Society said: “We are delighted that our Shared Ownership mortgage book now boasts of 9 strong purchase-only mortgage products, available to those looking to purchase using the government’s part-rent-part-buy scheme. Today’s launch is aimed specifically at those who have a minimum of 15% of a deposit available with the choice of fixing for a number of years or borrowing on the variable.”