Legal & General Mortgage Club has struck exclusive products deals for its members with Buckinghamshire Building Society and West One Loans.

The club has agreed two shared ownership mortgages with Buckinghamshire Building Society.

The products range between 25 per cent and 75 per cent loan to value, with a maximum loan-to-share of 95 per cent.

The mortgages are priced at 3.3 per cent, subject to a three-year discount, and 3.79 per cent fixed until 2024, respectively. Both products have a £350 arrangement fee.

Properties must be worth a minimum of £75,000 and the maximum loan size is £500,000. The mortgages are 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. Instead, Buckinghamshire Building Society completes a credit search which allows it to assess cases on individual merit and avoid the need for maximum age limits.

The products are available through the club’s SmartrFit sourcing and affordability tool.

The club also launches a buy-to-let five-year fixed-rate mortgage with West One Loans.

The mortgage offers a rate of 3.38 per cent and is available up to 75 per cent LTV. It is subject to a reduced arrangement fee of 1.75 per cent. The lender will consider homes worth up to £400,000 in value with a maximum loan value of £300,000.

Rental stress is calculated at a pay rate, based on 125 per cent coverage for limited companies and lower rate taxpayers. A higher 140 per cent coverage is required for higher rate taxpayers.

The product is available via West One Loans’ standard range and is open to all landlords, with an unlimited portfolio size. The mortgage can be used to finance houses and flats for standard assured shorthold tenancy rentals. It is also available for purchase and remortgage cases.

Legal & General Mortgage Club head of lender relationships Danny Belton says: “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.”

Buckinghamshire Building Society key account manager Claire Askham adds: “At Buckinghamshire Building Society we are committed to supporting customers with a variety of borrowing needs and our flexible and bespoke underwriting approach means we can help brokers find the right solution for their clients.”

The club added the move with West One Loans is aimed at boosting its five-year fixed-rate mortgage coverage.

Legal & General Mortgage Club’s Belton adds: “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.”

West One Loans managing director Andrew Ferguson says the product “provides club members with a competitive option for supporting landlord clients”.