Shared Ownership Mortgages

We have 2 products available

Shared Ownership Fixed Rate until 13 April 2029 – SX-032

Term	Until 13 April 2029
Initial Rate¹	5.43%
Overall Cost For Comparison²	6.8% APRC
MAX LTV³	95% of the share being purchased, 75% property value
Early Repayment Charge	3% until 13 April 2027, 2% until 13 April 2028, 1% until 2029
Product Fees	None

See Representative Example

A mortgage of £81,000.00 payable over 35 years initially on a fixed rate of 5.43% until 13 April 2029 then on our follow-on rate of a 1.74% discount off our standard variable rate (currently 8.89%) giving a rate of 7.15% variable for the remaining 29 years 10 months would require 61 monthly payments of £431.62 and 358 monthly payments of £518.09; plus one initial interest payment of £348.50.

The total amount payable would be £212,653.54 made up of the loan amount, plus interest and fee(s) totalling £131,653.54. This includes Legal Fees (£350), Chaps Fee (£25) and Redemption Administration Fee (£125).

The overall cost for comparison is 6.8% APRC representative.

A representative example is designed to help understanding of the typical cost of this mortgage. This is not an illustration and is only provided as an example.

More details

Shared Ownership 2 Year Fixed Rate – SX-031

Term	2 years
Initial Rate¹	5.99%
Overall Cost For Comparison²	7.2% APRC
MAX LTV³	95% of the share being purchased, 75% property value
Early Repayment Charge	2% in Year 1, 1% in Year 2
Product Fees	None

See Representative Example

A mortgage of £81,000.00 payable over 35 years initially on a fixed rate of 5.99% for 2 years then on our follow-on rate of a 1.74% discount off our standard variable rate (currently 8.89%) giving a rate of 7.15% variable for the remaining 33 years would require 23 monthly payments of £461.63 and 396 monthly payments of £524.33; plus one initial interest payment of £384.44.

The total amount payable would be £219,136.61 made up of the loan amount, plus interest and fee(s) totalling £138,136.61. This includes Legal Fees (£350), Chaps Fee (£25) and Redemption Administration Fee (£125).

The overall cost for comparison is 7.2% APRC representative.

A representative example is designed to help understanding of the typical cost of this mortgage. This is not an illustration and is only provided as an example.

More details

Definitions

1. Initial Rate

The Initial Rate is the rate available during the initial term of the mortgage. Once the initial rate term has expired, the mortgage will either revert to our Standard Variable Rate (SVR), or a follow-on rate that is a discount off our SVR. Our SVR is set by us and is currently 8.64%, as a variable rate it may go up or down. Our follow-on rate is 1.74% below our SVR (currently 6.90% variable) and will go up or down with changes to our SVR.

2. Overall Cost for Comparison

The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage. The APRC is intended to help you as a borrower compare the interest rates on different products.

3. Max LTV

Like all other mortgage lenders, we will allow you to borrow against a proportion of the overall property value. This is known as Loan to Value (LTV) and is expressed as a percentage. For example, if you want to purchase a property at £100,000 and you would like to borrow £85,000, then you will need a mortgage available at 85% Loan to Value (LTV). The available LTV can vary depending upon the type of mortgage. Shared Ownership mortgages will offer two percentages under LTV - the proportion of the property value and the proportion of the share being purchased.

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Property value

Deposit amount

Mortgage term

years

Interest rate

Own part of the property and pay rent on the remainder.