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HBOS won’t touch shared equity until conditions improve

HBOS has ruled out taking part in the Government’s new shared equity scheme until market conditions improve.

The news comes as Nationwide non-retail executive director Matthew Wyles says the company’s product team is looking at the scheme while Yorkshire Building Society says it has “agreed in principle” to offer the product.

Halifax was a member of the Government’s original Open Market HomeBuy scheme, HBOS head of specialist lending Stephen Sandiford says it will not be offering the new product at present.

He says: “It is the wrong time to be doing a lot of these things. We may look at it again when conditions improve.”

The Government set up two new products through its Open Market HomeBuy scheme in the Budget.

This includes an Ownhome product which is provided by Places for People and the Co-operative Bank, and the MyChoice HomeBuy product, which lets borrowers apply for a mortgage with a panel of lenders and an equity loan funded by one of eight housing associations.

Wyles says Nationwide is looking at the scheme. He says: “If we can support it, we will. Our team are having a look.”

A spokeswoman for YBS says although it has agreed in principle to be part of the scheme, it does not have a timeframe for when it will go live.”

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