Two new facilities in the area of shared ownership have been launched by West Bromwich Building Society in its bid to get FTB (first time buyer) business.
Shared ownership allows new home owners to buy a share of a property and pay a rent on the other share which is not owned by them either to a housing association or a registered social landlord. In course of time, such buying of additional shares in the property helps the buyer to completely own the entire property.
West Brom offers two loans: One is available at a 3-year, 5.99% fix, then repo rate + 0.99% for the remainder of the term; and the other is the Variable Option charging repo rate + 0.99% for the duration.
The Maximum LTV or the Loan to Value in both cases however, is 80% of property value up to 100% of the borrower's loan requirement, with the minimum loan being £25,001 and the maximum loan limit being £200,000.
Posted
on : Wed, 23 Mar 2005 00:00 GMT | Loans News
By : Paula Jenkins
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