Shared Ownership Mortgages available up to 95% share, 75% loan to value.
Shared ownership mortgages allow you to buy a share of the property and pay rent on the remaining portion, usually to a housing association, when property is not affordable to purchase outright. Should affordability allow, individuals can gradually increase towards full ownership over time, a process known as staircasing.
Our shared ownership mortgages are available on qualifying properties across England and Wales with pre-approved housing associations registered with the Homes and Communities Agency or Help to Buy Wales Ltd.
All mortgage applications are assessed on a case by case basis by our mortgage team without the use of automated credit scoring systems.
|Overall Cost For Comparison2||5.2% APRC|
|MAX LTV3||95% of the share being purchased, 75% property value|
|Early Repayment Charge||3%|
|Product Fees||£199 application fee|
A mortgage of £185,250.00 payable over 35 years initially on a fixed rate of 3.89% for 5 years and then on our current standard variable rate of 5.60% for the remaining 30 years would require 59 monthly payments of £808.97 and 360 monthly payments of £985.76; plus one initial interest payment of £612.04
The total amount payable would be £403,913.87 made up of the loan amount, plus interest and fee(s) totalling £218,663.87. This includes: Application Fee (£199), Chaps Fee (£25), Legal Fees (£350) and Redemption Administration Fee (£125).
The overall cost for comparison is 5.2% APRC representative.
Your home may be repossessed if you do not keep up repayments on your mortgage