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March 19, 2021Legal & General Mortgage Club has revealed a number of exclusive products for its members.
Members of the club can now access two exclusive shared ownership mortgages through Buckinghamshire Building Society.
The products range between 25% and 75% LTV, with a maximum loan-to-share of 95%.
They are priced at 3.3% (subject to a 3-year discount) and 3.79% (fixed until 2024) respectively and have a £350 arrangement fee.
Properties must be worth a minimum of £75,000 and the maximum loan size is £500,000.
The mortgages will be available on homes in England and Wales.
Applicants of the shared ownership products are manually underwritten by the lender and are not subject to credit scoring checks.
The products will be available through the club’s SmartrFit tool, which combines product sourcing and affordability calculations.
As well as this, an exclusive buy-to-let, 5-year fixed rate mortgage from West One Loans is also now available to club members.
The mortgage offers a rate of 3.38% and is available up to 75% LTV.
It is subject to a reduced arrangement fee of 1.75%. The lender will consider homes worth up to £400,000 in value with a maximum loan value of £300,000.
The rental stress is calculated at pay rate, based on 125% coverage for limited companies and lower rate taxpayers.
A higher 140% coverage is required for higher rate taxpayers.
Danny Belton, head of lender relationships at Legal & General Mortgage Club, said: “With Help to Buy due to end in 2023, alternative homeownership schemes like shared ownership will play an increasingly important role in helping many people onto the property ladder in Britain.
“We’re pleased to be responding to this growing need for alternative solutions with these two new shared ownership mortgages for our members via Buckinghamshire Building Society.
“The lender’s manual underwriting approach and highly competitive rates will help to provide a valuable additional choice to advisers placing shared ownership cases.
“At the same time, we’re also boosting the number of five-year fixed rate mortgages available through Legal & General Mortgage Club through an exclusive with West One Loans.
“This five-year fixed rate product is one of the most price competitive deals of its type available through the lender and will come as welcome news to our members.”
