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Bucks BS adds fee-free shared ownership product

  • 01/06/2023
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Bucks BS adds fee-free shared ownership product
Buckinghamshire Building Society has launched a fee-free shared ownership mortgage with a lower rate than its previous offering.

The five-year fixed product is priced at 5.2 per cent, which is a 0.3 per cent reduction on the previous rate. 

There are no application, product or valuation fees and the mortgage is available for purchase and remortgage against properties in England and Wales. 

It is available for share purchases of between 25 and 75 per cent at a maximum loan to share (LTS) of 95 per cent. 

Loans sizes between £50,000 and £500,000 are available and the lease must allow staircasing.  


‘Shared Ownership really adds value’

Claire Askham (pictured), head of mortgages sales at Buckinghamshire Building Society, said one of the core values of the mutual was to help first-time buyers achieve their dreams of homeownership and she felt the product did that. 

She added: “With costs continuing to rise on everyday basics and increased pressure on renters due to reduced housing stock as landlords continue to sell up following changes in taxation and EPC regulation, it’s harder than ever to save a substantial deposit. This is where products like Shared Ownership really add value to the marketplace. 

“Here at Buckinghamshire Building Society, we’ve changed our approach when designing our mortgage products to keep the customer at the forefront of everything we do – we call it ‘crafted lending’.” 

Askham said: “We look at the barriers of home ownership for a typical shared ownership client and then look at the tools we have available to make that journey easier. As the scheme is typically targeted at buyers with a smaller deposit, it stands to reason that additional upfront fees make it more difficult for these buyers to get on the property ladder. Removing those fees removes those barriers, making homeownership more accessible to more people. 

“The current market needs innovative solutions and this is just our first step. We’ve got so much more to come this year across all areas of the society, it’s an exciting time to be part of the Bucks.” 

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