The new product is available up to 95% share at 75% loan-to-value
Mansfield Building Society has announced the launch of its new product – a two-year fixed rate mortgage at 6.09% for shared ownership lending.
The new mortgage is available up to 95% share at 75% loan-to-value (LTV). Lending includes new build flats up to four storeys and houses. It is also available for purchase, staircasing, and remortgage.
As with all Mansfield Building Society mortgages, there is no credit scoring and applications are manually underwritten by its team of underwriters.
The product has a £199 application fee and offers a free basic valuation with no completion fee.
“Shared ownership offers an accessible way for people to take their first step on to the housing ladder, and it’s likely to grow in popularity given the current squeeze on affordability,” Tom Denman-Molloy (pictured), intermediary sales manager at Mansfield Building Society, said.
“Our new two-year fixed rate shared ownership mortgage is supported by our famed flexible approach and common-sense underwriting, which can be particularly useful for those clients who might benefit from an individual assessment of their income, such as the self-employed and contractors or even those who are working on a zero-hours contract.”
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