Principality Building Society has introduced a new shared ownership mortgage and refreshed its new homes criteria to help make new homes more accessible for homeowners looking to purchase off plan.
Exclusively available through mortgage brokers, the shared ownership mortgage is offered across England and Wales on new and pre-owned homes.
The introduction of shared ownership meets the needs of first time buyers, a key group for Principality as it looks to grow the number of homeowners taking their first steps onto the property ladder.
There is a growing demand for new affordable homes for buyers. National House Building Council (NHBC) recently reported 133,213 new homes were completed in 2023, decreasing 12% from 2022 (151,308). Of this figure, 45,649 new homes were completed in the rental and affordable sector, up 10% on 2022 (Source – NHBC).
Launching a new shared ownership mortgage further strengthens Principality’s commitment to Housing Associations following significant investment into numerous schemes across Wales & including Pobl, Cardiff Community Housing Association, Hafod Housing Association and Bro Myrddin Housing Association.
The key features of Principality’s Shared Ownership mortgages are:
- · We will lend up to 95% on houses and 90% on flats on between 25% and 75% of the property value;
- · They are available in England and Wales; and
- · On new homes, the mortgage offer is valid for up to 16 months
Senior Portfolio Manager Jan Quarrington comments
‘We’re delighted to be introducing shared ownership to clients across England and Wales. We’ve introduced this at a time where buyers are looking for flexibility to ensure they can secure their new home in an affordable way. Any prospective buyers should contact their local mortgage broker for more information on our shared ownership mortgages’.
For more information on how Principality Building Society helps support housing associations, please reach out to jan.quarrington@principality.co.uk or call +44(0) 7702 817256
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.