Entering the shared ownership space, the lender has launched two- and five-year fixed products up to 95 per cent of the share being purchased, and these are available on homes with an Energy Performance Certificate (EPC) rating of A to C. This includes properties sold through an approved housing association and other registered scheme providers.
Chris Kirby (pictured), head of sales at TML, said: “I’m pleased to be able to offer a shared ownership proposition that will help to better support brokers and their clients. Our proposition will provide a greater range of possibilities for customers with smaller deposits, be that by optimising affordability based on how we assess self-employed and complex incomes or by taking a more pragmatic approach to past credit issues.”
The lender recently launched options at 90 per cent loan to value (LTV) to broaden its offering for residential borrowers. These products are also only available on properties with a high EPC rating.
Kirby added: “As with our 90 per cent LTV residential products, by introducing a shared ownership range available to properties with an EPC rating of A to C, we are providing a further option to those looking for lower-emitting, more energy-efficient and cheaper-to-run properties.”
Shared ownership to support first-time buyers
The shared ownership products from TML have been welcomed by brokers operating in the market.
Mobeen Akram, new homes director at Mortgage Advice Bureau (MAB), said: “Affordable housing schemes, such as shared ownership, have the potential to help many more first-time buyers who may be underserved in the mainstream market. The new homes sector forms a vital part of the puzzle, helping the UK to meet its net-zero targets.
“We’re delighted to see TML’s involvement with the shared ownership scheme, in addition to all their hard work in supporting the new homes sector. This appetite for supporting first-time buyers has never been more important, and is a positive move in helping a more diverse customer base find solutions to homeownership.”
Rupi Hanjan, managing director at Censeo Financial, added: “It’s becoming increasingly important to have a greater range of solutions for all homebuyers, especially for those who may have smaller deposits but still have home ownership aspirations, so it is really pleasing to see further choice for customers with TML’s launch into the shared ownership market for those more energy-efficient and cheaper-to-run properties.
“This is welcome news and gives us more opportunities to support clients underserved by traditional lenders, whether that be due to their income structure or self-employment status, and is further indication of the growing importance of shared ownership in the new build market as a means to get people a foothold on the housing ladder.”
