Principality BS adds Shared Ownership Deal and Changes New Homes Criteria

Principality Building Society is expanding its offerings to make homeownership more accessible with the introduction of a shared ownership mortgage and updates to its new homes criteria.

Available across England and Wales, this shared ownership deal caters to both new and preowned homes, offering lending of up to 95% on houses and 90% on flats, covering 25% to 75% of the property value.

Notably, the offer remains valid for up to eight months on new homes, with an eight month extension option available at the same rate, subject to criteria.

The society emphasises that shared ownership properties must be leasehold, with a maximum exposure of 20% in any single development. Niki Willacott, Principality Building Society’s new home business development manager, expressed pride in the shared ownership mortgage’s introduction, recognising buyers’ need for flexible and affordable homeownership solutions.

Additionally, enhancements to the new-build proposition, such as reducing the deposit requirement to 5% and accepting builder gifted deposits, aim to make homeownership more accessible, reflecting feedback from brokers and aligning with the society’s commitment to serving buyers effectively.