Shared Ownership
Shared ownership schemes have been helping people onto the property ladder for many years. They work by allowing a buyer to purchase a share in their chosen property (usually between 25% and 50% initially) and pay rent on the remaining share. Buyers have the option to increase the size of the share over time and eventually own the home outright.
We support the Government's Shared Ownership scheme by providing a mortgage for up to 90% of the share of the property being purchased, subject to approval.
Find out more about the Shared Ownership scheme by reading our leaflet here.
What to do first
In order to register for the Shared Ownership scheme, you need to contact your regional HomeBuy Agent. They can provide you with all the information you need, including details of relevant developments in your area. In order to be eligible for the scheme, your total household income cannot exceed £60,000.
Please note that this mortgage is currently available to educational professionals and people purchasing or remortgaging in the Dorset postcodes.
Before applying for a mortgage please make sure you read the relevant Key Facts Illustration. We will be happy to provide this upon request.
Please note: if we increase our Standard Variable Rate by more than the increase in the Bank of England Base Rate during the discounted period you won't have to pay the Early Repayment Charge if you want to leave or switch to another one of our products.
| Product Name |
Interest Rate |
Max % Property Value |
Arrangement Fee |
Application Fee |
|
| Shared Ownership 3 Year Variable Rate |
5.49% |
90% |
£799 |
N/A |
More Details |
- Variable rate of 5.49% which is an additional 0.50% above the Society's Standard Variable Rate for the first three years then changing to our standard variable, currently 4.99% for the rest of the mortgage term
- The overall cost for comparison is 5.4% APR
- Daily interest
- Flexible features available - please see link at the bottom of the page
- Min loan amount £20,000. Max loan amount £250,000
- £100 contribution towards NUT subscription
- An Arrangement Fee of £799 is payable with the application
- A valuation fee is payable
- Early Repayment Charges based on 5% of the amount repaid will be applied during the first three years but will be waived if the Society exceeds any Bank of England Base Rate increase. You can overpay by up to 20% of the loan outstanding per calendar year without charge
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