UK Money News
7th July 2008
New shared ownership mortgage from the Cheshire
The Cheshire Building Society has unveiled a new shared ownership mortgage which it claims will prevent "Big Brother-style squabbles" for homebuyers struggling to get on the property ladder.
Under the terms of the offer, the repayment rate for the first three years of the loan is fixed at 6.80 per cent.
After this point, it reverts to the standard variable rate for the rest of the mortgage term.
James Taylor, mortgage product manager for the lender, said: "Big Brother is a reminder to potential homebuyers that friends can easily become enemies when you move in together.
"Shared ownership is a great alternative, allowing individuals a helping hand to get on the property ladder in a gradual way and still benefit from any increase in the value of the property, with the option of purchasing a larger proportion of the property in the future."
Other features of the deal are a free valuation, payment holidays and the facility to overpay during the course of the loan.
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