First-time buyers and other home movers can learn more about shared ownership schemes and mortgages using a new guide launched by The Cambridge Building Society.
First-time buyers and other home movers can learn more about shared ownership schemes and mortgages using a new guide launched by The Cambridge Building Society.
It has been compiled to clear up confusion around who is entitled to benefit from the schemes, which allow buyers to part-own and part-rent a property.
According to research by the UK Mortgage Council conducted by FS Intelligence specialist RFi Group, the majority of people were aware that first-time buyers were eligible for a shared ownership property and that between 25% and 75% of a property’s value could be borrowed.
However, only half of respondents knew that previous owners may be eligible and could correctly identify the income threshold for the scheme.
It is hoped the myth-busting guide available on the Cambridge’s website, which is being launched at the same time as the building society unveils a new range of shared ownership products, will unravel some of these mysteries.
According to the guide, to be eligible for shared ownership or an associated mortgage, applicants must have a combined household income of less than £80,000 (£90,000 in London).
As well as first-time buyers, people who have previously owned a home but can no longer afford to buy and tenants of council or housing association property can also benefit.
Tracy Simpson, head of lending at The Cambridge, said: “We know it can be difficult to understand a lot of the jargon connected to the mortgage and housing markets, particularly when you’re new to the experience, so sharing our vast knowledge is a big part of what we feel we should offer to our communities.”
She added: “The new product range we’ve launched today is the icing on the cake, but what we really offer is a friendly voice at the end of a phone or face-to-face in branch where there really are no stupid questions.”
The Cambridge’s newly-launched shared ownership mortgages include a two-year fixed rate product, a two-year discount and a five-year fixed rate deal.
