Mansfield widens shared ownership availability

Mansfield widens shared ownership availability

Mansfield Building Society has extended its Shared Ownership discounted rate product for purchase, remortgage and staircasing to all brokers.

The Society has also updated its Shared Ownership lending criteria to allow for purpose built flats constructed post 2003 in blocks of up to four storeys.

It will also consider properties where a Section 106 agreement is in place.

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Section 106 agreements are legal agreements between local authorities and developers linked to planning permissions.

They are drafted when it is considered that a development will have significant impacts on the local area that cannot be moderated by means of conditions attached to a planning decision.

The two-year discounted rate product is available up to 95 per cent of the share being purchased (maximum 75 per cent loan-to-value) on properties located across England and Wales, except within the M25.

With an initial pay rate of 3.89 per cent variable, it comes with a free basic valuation, £199 application fee and no completion fee.

An early repayment charge of 2 per cent applies within the discounted period.

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Dale Jannels, managing director of Atom, said the demand for shared ownership products is on the increase.

He said: “To have a product with a good rate, minimal set up costs along with a manual approach to underwriting, can only be good news for the end consumer.”