(PRBuzz.com) November 19, 2012 -- A2Dominion New Homes is helping first time buyers get a foot on the ladder with new shared ownership mortgage products offered in partnership with Santander.
The new deals mean first time buyers can take advantage of a bespoke product designed specifically for those looking to purchase a shared ownership property from A2Dominion New Homes in London and benefit from lower interest rates and reduced booking fees. The partnership enables approved applicants to borrow up to 95 per cent loan to value on between 25 and 75 per cent share of the property.
Hayley Morgan, Assistant Sales & Marketing Director for A2Dominion New Homes, said: "We recognise that for many first time buyers, especially those searching in the capital, being able to save a large deposit and secure a mortgage can be a huge challenge.
"As a leading provider of quality new homes, we're committed to supporting first time buyers through our shared ownership schemes, which give those on moderate incomes the opportunity to buy a share of a new home and pay a subsidised rent on the remaining share. There is then the option to increase the share over time until the property is owned outright."
Phil Cliff, Mortgage Director for Santander commented: "Our new partnership with A2Dominion further extends the availability of Santander's affordable mortgages into London. The initiative helps first time buyers get a foot on the property ladder and plays a vital role in supporting the creation of more affordable housing across the UK."
The continued extension of our shared ownership proposal is very exciting and reflects our ongoing commitment to the UK housing market whilst supporting our aim to create innovative products that put the customer first."
The mortgage product can be applied for purchases at the following shared ownership schemes from A2Dominion New Homes:
• Aspire @ E14: One and two bedroom-apartments in Limehouse, east London, just moments from Limehouse Basin and within easy reach of the City and Canary Wharf. Prices start from £90,000 for a 40 per cent share of a one-bedroom apartment (full market value £225,000) with monthly rent around £225 and monthly service charge £110.63.
• New England: One-bedroom apartments in Eastcote, north west London, located within one of London's leafiest suburbs. Prices start from £87,750 for a 45 per cent share of a one-bedroom apartment (full market value £195,000), with a monthly rent of £245.78 and monthly service charge of £100.02.
• Fountain Park: One, two and three-bedroom apartments in Stanmore, north west London, set in beautiful landscaped gardens with fountains. Prices start from £46,875 for a 25 per cent share of a one-bedroom apartment (full market value £187,500), with a monthly rent of £322.27 and monthly service charge of £116.16.
For more information about the Santander mortgage please contact the A2Dominion New Homes Sales Team in the first instance on 0800 783 2159
Details on all homes currently available from A2Dominion New Homes are available on the website,
The press office operates from 8.00am to 6.00pm. Outside of these hours please call: 0800 5877708
Notes to Editors
•To be eligible for this product, borrowers must first meet A2Dominion's criteria to buy a shared ownership property. Customers will then need to provide an 'offer' from A2Dominion. A standard mortgage application and assessment would then be undertaken by Santander.
•The A2Dominion Group is one of the country's leading providers of high quality housing. It provides over 34,000 homes across London and southern England with thousands in development.The Group offers a wide range of housing options including affordable rented, temporary, student, sheltered, supported and key worker accommodation. It also has homes for sale and shared ownership through the A2Dominion New Homes brand. Visit www.a2dominion.co.uk/newhomes for more information.
•Santander UK plc is a full-service retail and commercial bank providing services to 25 million customers, with more than 1,400 branches and 28 regional business centres. It is a wholly owned subsidiary of Banco Santander. Santander UK plc manages its affairs autonomously, with its own local management team, responsible solely for its performance. Over 85% of the assets on Santander UK plc's balance sheet are UK based and it is subject to full supervision of the Financial Services Authority (FSA) in the UK. Santander UK plc customers are protected by the Financial Services Compensation Scheme (FSCS) in the UK. Sovereign exposures to Europe (excluding UK) as at September 2011 are not significant at less than 1% of total assets and primarily relate to Swiss government. Total exposure to periphery countries is c. 0.5% of total assets. Banco Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial bank, based in Spain, with a presence in 10 main markets. Santander is the largest bank in the euro zone and is among the fifteen in the world by market capitalization. Founded in 1857, Santander had EUR 1.383 trillion in managed funds, more than 102 million customers, 14,760 branches - more than any other international bank - and 193,000 employees at the close of 2011. It is the largest financial group in Spain and Latin America. Furthermore, it has significant positions in the United Kingdom, Portugal, Germany, Poland and the U.S. northeast. Santander Consumer Finance operates in the Group's core markets as well as in the Nordic region. In 2011, Grupo Santander registered EUR 7,021 million in recurring net profit.