Cheshire launches shared ownership product for FTBs

  • Story by: David Pawsey
  • Magazine: MortgageAdviser
  • Published Friday , July 04, 2008

Cheshire Building Society has launched a shared ownership product which the lender said will help first time buyers struggling to get on the property ladder.

Advertising

The product offers a rate of 6.8 per cent for the first three years, moving to the standard variable rate for the rest of the mortgage term and Cheshire will cover both the arrangement fee and application fee.

James Taylor, mortgage product manager for Cheshire Building Society, said: "Big Brother is a reminder to potential homebuyers that friends can easily become enemies when you move in together.

"Shared ownership is a great alternative, allowing individuals a helping hand to get on the property ladder in a gradual way and still benefit from any increase in the value of the property, with the option of purchasing a larger proportion of the property in the future.

"The Cheshire's shared ownership mortgage offers all the benefits of its standard range including a free valuation, payment holidays and the ability to overpay during the course of the loan."

Loans are available up to 100 per cent of a share in the property and 75 per cent of the property value.