Cheshire launches shared ownership mortgage

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Cheshire launches shared ownership mortgage

A fixed-rate shared ownership mortgage from Cheshire Building Society is promising to help first-time buyers get on to the property ladder.

The deal offers a 6.80 per cent rate for the first three years, then standard variable rate thereafter, with no arrangement or standard valuation fees and loans of up to 100 per cent, Mortgage Introducer reports.

James Taylor, mortgage production manager at the building society, said shared ownership is a "great alternative" that allows people to benefit from property increase and buy a larger percentage of it later.

The government's HomeBuy scheme allows first-time buyers on less than £60,000 to buy a percentage of a property, paying rent on the remainder which belongs to a company (usually a housing association).

Last month, the Independent carried advice on shared ownership mortgages.
In a declining market, the amount bought will affect how much negative equity affects the buyer, it reported.

But Melanie Bien of broker Savills Private Finance said that if prices remained low, buyers can purchase more of the property at a lower cost.

Readers were urged to research their mortgages as many lenders will not lend on shared ownerships.
ADNFCR-323-ID-18671211-ADNFCR

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