You are here: Home - News -

Lambeth BS improves Shared Ownership access

by:
  • 17/10/2001
  • 0
Lambeth Building Society has joined forces with a number of London housing associations, in a bid to...

Lambeth Building Society has joined forces with a number of London housing associations, in a bid to improve access to the Shared Ownership scheme, writes Kirstie Redford.

The lender is also offering its lowest fixed rate mortgage to help promote the scheme.

It is aimed at people who cannot afford to buy property in the area in which they live. Those on council waiting lists and key workers such as police and teachers are prioritised but the scheme, which is run in conjunction with housing associations, is open to everyone. Borrowers buy a share of their chosen property while paying rent to the housing association on the remainder. They can then buy the remainder of the property over time.

Lambeth BS’s move into the market has been fuelled by the growing demand for housing solutions in London and the South East as more people are priced out of the property market. It has now made connections with a number of local housing associations and is currently handling £7m in loans.

The lender is offering its lowest two-year fixed rate product at 3.68% to those purchasers looking to take up the scheme, lending between 25% and 75% of the value of the property and up to 100% of the share being purchased.

Sean Wickes, general manager of sales and marketing at Lambeth BS, said: ‘The market place in the South and especially London is a key one for a society such as ours.’

Neil Armstrong, director of IFAs Sherwins Financial Management, said: ‘We have been working with housing associations for seven years, but it was not until Lambeth BS came on the scene that we have been able to offer better deals to borrowers. They really have taken the 100% mortgage market by storm, allowing people buying through the scheme to go on fixed rates was unheard of until now.’

Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
FSA may outsource compliance next year

Speculation is mounting that the Mortgage Code Compliance Board (MCCB) will become involved in the r...

Close