Who did we help?

Claire and Tom live in Stockport, are both in their 40s and have worked their way up to managerial positions in the same company. The couple have lived in their £400,000 three-bedroom house for four years, having purchased 40% through a joint Shared Ownership mortgage in 2021.

What did they need?

The couple needed to remortgage their home and wanted to staircase their share of the property at the same time - from 40% to 75%. For this they needed a total loan of £262,000 at 90% Loan-to-Share - this included an additional £140,000 to increase their proportion by 35%.

Why were they facing challenges?

Shared Ownership proved an invaluable way for Claire and Tom to get onto the property ladder after years of renting - but now they wanted to take a further step up. For this they needed a lender able to offer a staircased mortgage that would enable them to considerably increase their share of the home they loved.

How did we help?

At Furness, we have a range of Shared Ownership mortgage products, available exclusively to brokers, and we recently reduced our rates. This meant we could offer Claire and Tom a shared ownership mortgage at a competitively-priced fixed rate for five years - enabling them to affordably increase their share of the property.

Our Business Development Manager, Helen, liaised between the couple’s broker and our underwriting team to discuss the case, and thanks to our flexibility and human-led approach to assessing affordability, we were able to offer a loan.