Principality Intermediaries has introduced a new shared ownership mortgage and has redesigned its new homes criteria to make new homes more accessible to homeowners and first time buyers.

The shared ownership mortgage is available across England and Wales on new and preowned homes.

The society’s shared ownership mortgage is a flexible option, allowing buyers to increase their share and the amount borrowed for the mortgage and pay a smaller rental fee.

Principality Building Society’s new home business development manager, Niki Willacott commented. “We know that buyers are looking for flexibility to ensure they can secure their new home in an affordable way and we are proud to support them”.

She added: “We’ve also made enhancements to our new build proposition which include reducing the deposit required on new houses to just 5% and now we accept builder gifted deposits. These changes are a result of broker feedback and are a positive step to make new home ownership more accessible to buyers.”