Tipton has launched a new shared ownership range, including mortgages available throughout England and Wales up to 90% of the share being purchased. The new range also offers discounted rates for term or a period of three years.
For the three year discounted, payable rates start at 3.79% with an application fee of just £199 and no completion fees. The 3.89% term discount, meanwhile, provides a free standard valuation and no early repayment charges.
“The Tipton and Coseley Building Society is determined to help first time buyers with the introduction of new shared ownership products up to a maximum of 90% of the borrower’s share of the property being purchased,” Richard Groom, head of mortgage sales at Tipton, said.
Shared ownership enables borrowers to buy between 25% and 75% of a property’s market value, with rent being paid on the remaining portion. These rental payments are generally lower than comparable mortgage costs, which makes shared ownership an attractive, cheaper alternative to outright purchase for some.
“We are confident that these new products will prove to be very popular with first time buyers across the country who, initially at least, cannot afford to buy a home outright,” Groom added.
“These are still challenging times for first time buyers but shared ownership is one of a number of initiatives the Tipton has available for anyone thinking about buying their first home.”