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Bucks BS tweaks shared ownership criteria; Virgin cuts rates – round-up

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  • 14/12/2023
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Bucks BS tweaks shared ownership criteria; Virgin cuts rates – round-up
Buckinghamshire Building Society has released a shared ownership product up to 95 per cent loan to value (LTV).

The five-year fix is available for the purchase of a share between 25 and 75 per cent of the full property value, as well as remortgage across England and Wales. It has a rate of 6.2 per cent with no application or product fees. 

The mutual has also updated shared ownership criteria to consider applicants who have missed payments on utility and communications bills. It will also accept people with an active debt management plan as long as this was registered at least three years ago and has been managed in a “satisfactory manner” with no credit issues since. 

 

Shared ownership a ‘stepping stone’ for buyers 

Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “Our new shared ownership product aims to ease the entry into the property market for those who may find traditional mortgages challenging to obtain. 

“The option to purchase a property with a much lower deposit, coupled with the raft of positive changes we’ve recently made to our lending criteria, will make home ownership accessible to an increasing group of potential purchasers and further reflects our commitment to provide flexible solutions that cater to the diverse needs of aspiring buyers.” 

She added: “We understand that financial situations can vary, especially in recent times. Our commitment to inclusivity is reflected in our consideration of applicants with missed payments and those in debt management plans. This approach underlines our dedication to helping individuals overcome financial challenges and get a foothold on the property ladder. 

“In my opinion, shared ownership is one of the best schemes out there, providing the perfect stepping stone for a range of buyers to enter the property market and then allowing them to increase their ownership percentage as their financial circumstances evolve.” 

 

Virgin Money reduces rates  

Virgin Money has lowered rates across its exclusive mortgage range. 

This includes two and five-year fixed purchase deals at 85 and 90 per cent LTV, which have been reduced by up to 0.1 per cent and now start at 4.58 per cent. These products have a £1,295 fee. 

The fee-free options have been reduced by up to 0.12 per cent and start from 4.74 per cent. 

Across its remortgage exclusive deals, Virgin Money has lowered a two-year fix at 60 per cent LTV with a one per cent fee by 0.2 per cent to 4.59 per cent. The corresponding product at 70 per cent LTV has been reduced by the same amount to 4.69 per cent. 

Its two and five-year fixed buy-to-let products with a £2,195 fee have been cut by 0.05 per cent and now start from 4.59 per cent. Also within its buy-to-let offering, five-year fixes with a one per cent rate have been reduced by up to 0.32 per cent and start from 4.74 per cent, while two-year fixes with a three per cent fee have gone down by as much as 0.15 per cent and start from 4.52 per cent. 

Five-year fixed buy-to-let exclusive rates with a three per cent fee have been cut by up to 0.22 per cent and begin from 4.44 per cent.  

Other reductions include the lender’s core purchase and remortgage fixed rates, which now start from 4.54 per cent after a reduction of up to 0.36 per cent. Residential and buy-to-let product transfer fixed rates have been cut by up to 0.3 per cent and now start from 4.66 per cent. 

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