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Cambridge BS strengthens shared ownership, Hanley launches into self-build – round-up

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  • 27/03/2018
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Cambridge BS strengthens shared ownership, Hanley launches into self-build – round-up
The Cambridge Building Society has launched products and changed its criteria to support first-time buyers, while Hanley Economic Building Society has unveiled an option for intermediaries with self-build clients.

 

The new shared ownership product range from the Cambridge includes:

  • A two year-fixed at 2.24% and 80% loan to value (LTV) with a 3% early redemption charge (ERC), and 3.59% at 95% LTV with a 2% ERC
  • A two year-fixed discount with no ERC at 2.14% (2.85% off SVR) at 80% LTV, and 3.39% (1.60% off SVR) at 95% LTV
  • A five-year fixed at 2.49% and 80% LTV, with ERC ranging from 5% to 1%

All deals come with a £199 application fee, and maximum loan amount of £400,000.

The building society added that there is no requirement to have 100% staircasing within the lease, and the range is also available to shared ownership borrowers looking to remortgage.

Head of lending at the Cambridge, Tracy Simpson (pictured) commented: “Helping first-time buyers remains one of our key priorities and during 2018 we are fully committed to finding a range of solutions to support the needs of this very important group.

“We’ve canvassed opinion from intermediaries on our proposition over the past few months to get feedback on what we offer, and this has led to these improvements to our criteria.”

 

Hanley

Hanley Economic’s intermediary deal includes a self-build product with an initial pay rate of 4.49%, fees of £1,000 and is available on an arrears basis up to 80% LTV.

The building society added that an intermediary team and underwriters are able to assess each application individually.

In addition, Hanley added that an online self-build hub has been developed to guide advisers through the self-build process – including information on criteria, submission and assessment, fund release, completion, and service standards.

David Lownds, head of marketing and business development at Hanley, commented: “Self-build is a key market for the society and is a growth sector which is providing an increasing number of opportunities for intermediaries.

“However, this is a sector which can often be a complex and onerous one without the right support network in place.

“This is why we launched our self-build direct to intermediaries offering and, after initial feedback in its pilot stage, added a self-build hub to make the process even simpler for our intermediary partners.

“We are looking forward to engaging with more intermediaries to see how they can help clients turn their self-build dreams into a reality.”

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