Supporting first time homeowners with shared ownership options
27 March 2018 • Products & Services
The Cambridge Building Society today renews its support for first time buyers struggling to get a foot on the regional property ladder by launching a range of new products and educational material.
Latest research from the UK Mortgage Council conducted by global FS intelligence specialist, RFi Group showed that while the majority of people understand that first time buyers are eligible for a shared ownership property (87%) and you can borrow between 25% and 75% of the property’s value (88%), only 50% of respondents correctly identified that previous home owners may also be eligible and only 53% could correctly identify the income threshold for the scheme^.
The Cambridge is supporting potential buyers wishing to use the shared ownership scheme by providing a myth-busting guide on its website and launching a comprehensive range of mortgage products offering choice to borrowers and intermediary partners.
Research conducted by the Council of Mortgage Lenders in 2016 identified that around 200,000 households fell under the shared ownership scheme and that lender support was essential if the Government’s ambitious target of 70% sector growth over 5 years was to be realised.
Tracy Simpson, Head of Lending at The Cambridge comments; “Helping first time buyers remains one of our key priorities and during 2018 we are fully committed to finding a range of solutions to support the needs of this very important group. 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 our communities.
“My team of Mortgage Advisers are ready to help and support anyone wishing to buy a shared ownership property and the new online material will help anyone starting out on the journey and just wants to find out a bit more. 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!”