Newbury Building Society has launched a new shared ownership mortgage product.
The new product is the building society’s first in the two-year category and can be used to purchase a minimum of a 25 per cent share in new build flats and houses located in England or Wales.
The offering comprises a 95 per cent LTV two-year fix at 3.79 per cent. Itis fee-free, includes free valuations and accepts mortgage overpayments of up to 10 per cent of the original loan amount per year.
Newbury Building Society lending manager Roger Knight comments: “Following conversations with several different networks and clubs, it was evident there was an appetite for a two-year fixed product and therefore launching such a product was a natural step for us to take.”
This comes after Newbury Building Society launched two new shared ownership products last month and cut its rates within this range at the end of January.