Thames Valley Housing launches 100% mortgage

Thames Valley Housing (TVH) is helping struggling would-be home owners onto the property ladder, through the launch of its own 100% mortgage.

The three-year fixed rate product is available on selected TVH shared ownership properties.

Geeta Nanda, TVH CEO said: “Shared ownership is a vital intermediate market product, for which we are continuing to see increasing customer demand. Despite this, many of our prospective buyers have been unable to secure a conventional mortgage due to a lack of deposit.

"In our commitment to helping those in housing need, we felt compelled to launch our own mortgage product to ensure that we could assist those who are otherwise left out in the cold. Why should only those with parents able to help with deposits be able to buy?”

The mortgage will enable successful applicants to buy a share of a TVH home without having to save for a deposit.

Applicants will be subject to stringent affordability criteria, which will be assessed by an Independent Financial Advisor (IFA.)

Unlike conventional 100% mortgages, TVH’s product covers as little as a 25% share of the value of the property, reducing the risks to the customer and the association.

Ms Nanda said: “The product offers real flexibility to our customers; if they wish to make overpayments they can do so without penalty. We’re even offering added piece of mind through a 3-year buy back guarantee, under which we promise to buy back their home if they chose to sell it and face negative equity.”