Our Prime Plus Shared Ownership 5-Year Fixed Rate offers a fixed rate of 7.39% for a period of 5 years from completion. Thereafter the interest rate will revert to the Society’s prevailing standard variable mortgage interest rate (SVR), currently 7.94%.
for comparison
Prime Plus Shared Ownership 5-Year Fixed
Representative Example
7.39%
8.1% APRC
70%
£0
Advance
Minimum £25,000: Maximum £350,000
Loan to value (LTV)
Maximum 70% (subject to the Society’s lending policy)
Term
Minimum 5 years: Maximum 40 years
Availability
This product is available for the purchase or re-mortgage of Shared Ownership residential property in mainland England and Wales for the applicants own use. All applications are subject to the Society’s general lending criteria, property valuation and satisfactory status enquiries. This product is a limited edition and cannot be guaranteed until an application has been received.
Repayment method – Applications will only be accepted on a capital and interest basis.
This product is available to borrowers with an impaired credit history but subject to referral to the Society with a full explanation for the credit issues experienced by the customer. Impaired credit history is
- Arrears over 2 months in the last 2 years
- Any Default in the last 2 years
- No more than 3 CCJ’s not exceeding a combined maximum of £1000
- Been subject to an IVA or DMP within the last 3 years
- Been discharged from Bankruptcy or Repossession for more than 3 years
- Had 3 or more Payday Loans in the last 12 months
Free Valuation
The Society will pay the cost of a standard mortgage valuation fee.
Full Repayment
An early repayment charge equivalent to 5% of the outstanding balance applies if the loan is repaid in full within the first year, 4% in the second year, 3% in the third year, 2% in the fourth year and 1% in the final year of the product period. Thereafter the Society’s standard repayment charges will apply – see Tariff of Charges. The early repayment charge may be refunded if the borrower(s) take out a new mortgage with the Society subject to meeting the Society’s criteria.
Partial Lump Sum Repayment
Up to 10% of the advanced amount may be repaid in any year of the product rate period without charge. Repayments made above the 10% limit will be subject to a charge equivalent to 5% in the first year, 4% in the second year, 3% in the third year, 2% in the fourth year and 1% in the final year of the product period.
Valuation Fee
The Society will pay the cost of a standard mortgage valuation fee.
CHAPS Fee
On completion, the advance will be released to the appointed Solicitor by CHAPS (Clearing House Automated Payment Service). A fee of £10.00 is payable on completion. This fee can be added to the loan (subject to LTV limits).
Mortgage Exit Administration Fee /Additional Fees
£85.00 Redemption Administration Fee. Additional administration fees may apply during the life of your mortgage. Details of these can be found in the Tariff of Charges leaflet.
