Stroud & Swindon launches buy-to-share option

29-Nov-2006

Stroud & Swindon Building Society has announced the launch of a new buy-to-share mortgage option for first time buyers.

Under the new option, first time buyers will be allowed to increase their borrowing, on the assumption that additional income will be generated through the letting-out of additional bedrooms to tenants.

"As house prices continue to rise steeply, more and more first time buyers are finding it impossible to get a foot on the property ladder or are forced to purchase property with friends," said Paul Chafer, sales director from Stroud & Swindon Building Society.

For the letting-out of a first room, first time buyers will be able to add an additional £4,250 to their mortgage borrowing.

The letting-out of a second room will increase a customers borrowing potential by an additional £2,125.

Established in 1850, the Stroud & Swindon Building Society is the UK's 15th largest building society.

To find out more about this mortgage, contact a good mortgage broker.

For more detailed information on shared ownership, click here.

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