The shared ownership product is available for share purchases between 25 and 75 per cent, at a maximum loan to share of 95 per cent. Loans of between £50,000 to £500,000 are available, and flats must be a maximum of six storeys.
The lease must allow staircasing to 100 per cent and the mutual’s standard criteria applies. This has no fee and is available for both purchase and remortgage across England and Wales.
This has a rate of 6.75 per cent.
The later life mortgage is available up to 60 per cent loan to value (LTV) with loan amounts starting from £50,000 up to £300,000. It has a maximum term of 40 years and can be taken out on an interest-only, capital repayment or part and part basis.
The later life option offers a desktop valuation to help reduce costs and speed up applications. It is the first mortgage the mutual has offered with this function.
The product is for remortgage only and has a rate of 6.29 per cent.
Buckinghamshire’s later life range has no maximum age and borrowers must be in retirement either when the mortgage is taken out or during the lifetime of the term.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said following its re-entry into the shared ownership market last month, brokers had enquired about fixed rate options.
She added: “It’s completely understandable, the majority of applicants looking at shared ownership are first-time buyers who want to have the certainty of a fixed monthly payment which allows them to budget in a changeable market.”
Askham said there was also a need for a longer-term fixed rate option for its later life borrowers.
She added: “It’s been an interesting few months, discounted rate products have been leading the way and who thought we would have been saying that 12 months ago? Despite that, as much as brokers and their clients are more accepting of these variable rate products now, there’ll always be a section of applicants who require a fixed option, so it’s important we’re offering that choice wherever we can.”
Virgin Money
Virgin Money has reduced rates by up to 0.50 per cent.
This includes the 10-year fixed mortgage at 75 per cent LTV which now has a rate of 4.89 per cent. This has a £995 fee and offers £1,000 cashback.
Selected two, three and five-year fixed rates have also seen reductions.
For example, the five-year fix at 75 per cent LTV with no fee is now priced at 5.09 per cent and with a £995 fee, is priced at 5.08 per cent. At 65 per cent LTV, the equivalents have rates of 4.99 per cent and 4.98 per cent respectively.
This comes after Virgin Money announced it would temporarily withdraw its mortgages at 95 per cent LTV for new borrowers, citing “market conditions” as the reason.
