West Brom BS cuts shared ownership rates
West Brom Building Society has reduced its shared ownership rate by as much as 0.12%, a move it said would improve affordability for first-time buyers.
Reductions have been made across two-, three- and five-year fixed rate shared ownership purchase products at 95% LTV.
This includes its two-year fix, which has been cut from 0.12% to 5.84%, and the three-year fix, which has been reduced by 0.1% to 5.78%. The five-year fix has been cut by 0.11% to 5.87%, and all products have no fees.
John Phillips, senior product manager at West Brom Building Society, said: “Shared ownership can provide a valuable stepping stone for customers who are ready to buy but may not yet be in a position to purchase a property outright. By reducing rates across our shared ownership range, we’re making these products more competitive and helping more customers explore a realistic route into homeownership.”
He added: “As a mutual, our focus is always on supporting customers at different stages of their homeownership journey. We recognise that there is no one-size-fits-all approach to buying a home, which is why it’s important that options such as shared ownership remain accessible and affordable.
“These latest changes demonstrate our ongoing commitment to providing practical mortgage solutions that help more people achieve their housing aspirations.”
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Earlier this month, the mutual launched mortgage products designed to support first-time buyers.
