Newbury Building Society has reduced its Shared Ownership variable mortgage product from 3.24% to 2.99% – a further step to help customers take their first step onto the property ladder.
The reduction now puts the 3 year variable mortgage at a lower rate than the Society’s current 3 year fix mortgage product which currently stands at 3.99% – a 1% difference between the two.
An Early Repayment Charge (ERC) is not applicable to ensure borrowers have maximum flexibility when it comes to leaving their mortgage early.
The product is available up to 95% of the share the borrower is buying and can be used to purchase new build properties; both houses and flats.
Roger Knight, Lending Manager at Newbury Building Society said: “We’re delighted to further help those looking for a Shared Ownership mortgage by reducing our 3 year discount mortgage product. No ERC means the borrower is able to clear their mortgage early with no penalty charges or exit the mortgage when they wish. This type of mortgage is perfect for those who value their flexibility or if their circumstances unexpectedly change.”
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