Buckinghamshire Building Society moved in on shared ownership – and found itself pitched into the general election fight.
Amy Nettleton, chair of the national housing group (NHG), cited the ‘Bucks’ example in urging parties to set out shared ownership boosts in proposed housing policies.
The ‘Bucks’ has launched a selection of shared ownership products at 95% loan-to-value designed for first-time buyers – offering a 3-year fix at 4.29% and a 3-year discount at 3.79%, both to 95% loan-to-value.
Tim Vigeon, head of lending, said: “These are still challenging times for first-time buyers but shared ownership is one of a number of initiatives the Bucks has available for anyone thinking about buying their first home.”
The mortgages are direct to intermediary and stand alongside exclusive shared ownership products through mortgage broker Censeo Financial.
Nettleton, also assistant development director for sales and marketing at Aster Group, said a new 95% loan-to-value mortgage for shared ownership is “another encouraging sign” of mortgage providers’ confidence in lending for the tenure.
“Traditional ownership is out of reach for many and the increasingly expensive private rented sector is making saving harder.
“A greater number of 95% LTVs makes shared ownership even more feasible for the huge cross-section of society it’s designed to help.
“More and more banks and building societies now have products specifically tailored to shared ownership, but though the appetite to accommodate the tenure is growing, we’re still yet to see many of the larger lenders enter the market.
“It is vital that the major parties put housing at the centre of their manifestos and, in particular, that they set out how they might further boost shared ownership – we need this tenure’s market to continue to grow and new, meaningful strategies to encourage the country’s leading lenders to embrace it.”