Mansfield launches new shared ownership products

Mansfield Building Society has launched two new high LTV fixed rate shared ownership products.

The offerings are a 95 per cent LTV two-year fix at 3.89 per cent, and a 95 per cent five-year fixed rate offer at 4.49 per cent.

Both products are for a 75 per cent share of the property’s value, and have a £199 application fee, no completion fee and free valuation.

The new shared ownership products are for purchase and remortgage.

The society adds that it will consider properties which come with Section 106 planning restrictions and restricted staircasing leases, such as those in protected rural areas.

Mansfield individually underwrites all mortgages on a case-by-case basis, according to the firm.

Mansfield Building Society national development manager Paul Lewis comments: “The growth in the shared ownership market emphasises the demand of individuals who may not be able to purchase a property with a conventional mortgage but still want to get on the housing ladder.

“These two new fixed-rate products [are] offered exclusively to our shared ownership club.

“Shared ownership remains a vital cog in the first-time buyer wheel and we will continue to work closely with intermediaries.”

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