Buckinghamshire Building Society has launched two specialist five-year fixed-rate products.
The first is for shared ownership applicants and the second forms part of the building society’s later life lending range with the option of a desktop valuation.
The five-year fixed rate shared ownership product is available without a product fee for both purchase and remortgage cases for properties across England and Wales.
It is available for a share purchase of 25% to 75% with a maximum loan to share (LTS) of 95%. Loans are available of £50,000 to £500,000 on a maximum of six-storey flats or four for ex-local authority.
Meanwhile, the five-year fixed rate later life lending offering is available for remortgage cases only for properties across England and Wales.
The product comes with a maximum loan-to-value (LTV) of 60% with loans starting from £50,000 to £300,000 and has a maximum term of 40 years.
The society says this is the first product that has been launched in conjunction with its new desktop valuation option.
Buckinghamshire Building Society head of mortgage sales Claire Askham says: “Following our re-entry into the shared ownership market last month, we received multiple enquiries from brokers looking for a fixed rate option.”
“It’s completely understandable, the majority of applicants looking at shared ownership are first-time buyers who want to have the certainty of a fixed monthly payment which allows them to budget in a changeable market.”
“Similarly, when looking at our later life lending range we could see the real need for a longer-term fixed deal, so we worked with our credit risk team to get one in place.”