New three-year fixed rate products are available to new and existing borrowers
Newbury Building Society has launched a couple of new three-year fixed rate products at 85% loan-to-value (of share) for shared ownership customers.
The rate is 5.79% for existing borrowers and 5.89% for new customers.
The fixed rate products can be used to acquire a shared ownership property with a minimum deposit of 15% of the share purchased.
The lender said other shared ownership products with a 5% deposit remain available, all are application and booking fee-free.
“The society recognises that customers are looking to put higher deposits down on shared ownership mortgages in order to lower monthly repayment costs and ease the strain caused by the current cost-of-living environment,” Karen Smith (pictured), sales manager at Newbury Building Society, stated in a post announcing the new products.
“We’re constantly considering ways to reward our existing borrowers, as well as adapt our product offering in response to the needs of new borrowers.
“Shared ownership continues to be a popular choice for those wanting to secure their first home in a market where rental demand is currently outstripping supply. We hope these two new products will help new and existing borrowers secure their first or next property.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
