We’ve launched a range of Shared Ownership products to support borrowers looking to take advantage of the government-backed scheme which gives them the option to purchase a share of a home from a housing association, paying rent on the remaining share they don’t have ownership of.
Also referred to as ‘part buy – part rent’, the scheme could be suitable for those who want to buy a home but can’t make up the full deposit. With Shared Ownership, clients can buy more shares of their home once they become the owner.
The scheme is designed to support households earning £80,000 a year or less (£90,000 a year or less in London) who are first-time buyers and can’t find a suitable home on the open market, who used to own a home, but can’t afford to buy one now, or who are existing shared owners.
Rob Pheasey, Chief Executive of the Marsden said, “We’ve been helping people to own their own homes for over 160 years and offering Shared Ownership through our intermediary channel means we can continue to do so. It opens up the possibility of home ownership to those who may have found it difficult to purchase a property otherwise.
“Whether it’s a first step, or return step onto the property ladder, our new range could help those looking to purchase a share of a home, on the pathway to full home ownership.”
Our Shared Ownership range features discount and fixed rate products for purchase only, available up to 95% LTV, based on a maximum 75% equity share, with an additional product set exclusively available for brokers placing cases through Home Reach.
You can find out more about the Marsden and our new Shared Ownership range by visiting our website, www.themarsden.co.uk/intermediaries, where you’ll be able to view product rates, access criteria and submit applications, as well as getting in touch with our dedicated Intermediary Support Team.