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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.

We have 2 products available

Shared Ownership Fixed Rate until 31 August 2029 – SX-034

Term Until 31 August 2029
Initial Rate1 5.43%
Overall Cost For Comparison2 6.7% APRC
MAX LTV3 95% of the share being purchased, 75% property value
Early Repayment Charge 3% until 31 August 2027, 2% until 31 August 2028, 1% until 31 August 2029
Product Fees None

A mortgage of £104,750.00 payable over 35 years initially on a fixed rate of 5.43% until 31 August 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 8 months would require 63 monthly payments of £558.18 and 356 monthly payments of £668.30; plus one initial interest payment of £481.76.

The total amount payable would be £274,061.90 made up of the loan amount, plus interest and fee(s) totalling £169,311.90. This includes Legal Fees (£350), Chaps Fee (£25) and Redemption Administration Fee (£125).

The overall cost for comparison is 6.7% 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.

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

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.

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 8.89%, as a variable rate it may go up or down. Our follow-on rate is 1.74% below our SVR and is currently 7.15% variable. Our follow-on rate 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.

Your home may be repossessed if you do not keep up repayments on your mortgage

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