Lender extends shared ownership locations

Lender extends shared ownership locations

Mansfield Building Society has extended its geographical coverage and broker distribution for shared ownership house purchase-only mortgages.

Key features:

The house purchase options include a two-year fixed rate mortgage and two-year discounted rate mortgage. Both are available at up to 95 per cent of the borrower’s share and 75 per cent property value.

Article continues after advert

These mortgages are now acessible to all brokers on property located throughout England and Wales, but exclude those located within the M25.

A two-year fixed rate product and a two-year discounted rate product for house purchase, remortgage and staircasing will be available through specialist shared ownership brokers.

It has the same loan-to-value limits and geographical property coverage.

Adviser view

David Wilson, managing director of Newcastle-based NE Money, said: “I wouldn’t say shared ownership is hugely popular at the moment.

“Help-to-buy is proving more popular, but I am in the North East where property prices are lower compared with the South, so it might be more attractive there, where you just have the requirement of the higher deposit.”