Newbury unveils shared ownership mortgage

Newbury unveils shared ownership mortgage

Newbury Building Society has improved its shared ownership mortgage by launching a new variable rate product at 2.99 per cent.

The product is available for purchases up to 95 per cent loan-to-value. 

The deal comes with a free valuation, has no application fee and also no early repayment charge (ERC). 

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The mortgage can be used across England and Wales for a range of property types including new builds, flats and houses.

Roger Knight, lending manager at Newbury Building Society, said: "As a society, we are committed to providing accessible mortgages for those looking to purchase through the shared ownership scheme with a minimum deposit. 

"We're excited to be able to offer this variable mortgage product at a competitive rate and help more people across England and Wales take their first step onto the property ladder."

David Hollingworth, associate director of communications of L&C Mortgages, said Newbury Building Society is a lender that always has a good range of products aimed specifically at shared ownership, something of a specialism for them.  

He said: "This product is a good example of that, offering buyers the opportunity to borrow as much as 95 per cent of the share.   

"Although many borrowers will be looking to fix, this discounted deal stacks up well against similar deals elsewhere and keeping set up costs down as well, with no arrangement fee and a free valuation, makes for a good fit for homebuyers that have managed to pull together a small deposit."