Co-operative Bank offers 100% shared ownership mortgage
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The Co-operative Bank has launched a 75% LTV shared ownership mortgage, allowing first-time buyers to borrow the remaining 25% from a housing association.
The Co-operative says it recognises the need to support people getting onto the property ladder and the issues affecting first-time buyers and key workers.
The bank runs the scheme on a regional basis and the mortgages are available through a small number of strategic partners.
A spokeswoman for Co-operative Bank, says: “Our shared ownership offerings reinforce our ethos of social inclusion, first-time buyer assistance, and community support.
“These schemes allow borrowers to access our normal product range and borrowers can take up to 75% of the property value from The Co-operative Bank, with the partner / housing association involved lending the remaining 25%.”
The bank already offers a range of different initiatives to help first-time buyers, such as its 90% mortgages, a Share to Buy scheme through Britannia, and several shared ownership offerings.
The shared ownership scheme is available on any of the Co-operative Bank’s mortgages.
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Readers' comments (2)
Anonymous | 11 Oct 2010 1:23 pm
Yet again why are there only a limited number of 'strategic partners' involved? When are lenders in the broker market going to start offering these sort of products so that potential clients that come to see a broker can take advantage of both professional advice and also these 'niche' products.
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Anonymous | 11 Oct 2010 3:20 pm
try getting one through, ridiculous underwriting criteria and a lack of using common sense when something is out of the narrow mould they use is all I have to say
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