Skip to main content

Shared Ownership

We understand that providing a sizeable deposit makes it difficult for many clients to buy their first home. That's why we support the Shared Ownership Scheme - a government initiative which aims to help buyers onto the property ladder by purchasing a share of a chosen property.

Why choose us?

We have worked with the Homes and Communities Agency for many years, and are the only building society founded to help teachers own their own homes. 

Studio flats and properties above commercial considered as other lenders may steer away from clients who look to purchase these types of properties. Please call the Society before submitting, to discuss your case.

Incomes come in all shapes and sizes, so we can consider clients on  new and future contracts, and ignore probationary periods. This applies as long as they are permanently employed.

What we can offer

  • Maximum LTV - 95%
  • Minimum customer deposit 5% (Forces Help to Buy and family gifted deposits accepted)
  • Terms up to 40 years
  • Builder's incentive up to 5% 

Please note: to apply for one of our shared ownership mortgages, at least one applicant must hold a qualified teacher status anywhere in England and Wales.

(subject to lending criteria and affordability)

Teacher Exclusive, Shared Ownership, 2 Year Variable Rate Mortgage 5% Deposit 3.50% Variable
3.50% 4.89% 4.8% APRC 95% N/A N/A

Key Features

Variable rate

A variable rate, currently 3.50%, which is discounted by 1.39% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 4.89%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is 4.8% APRC representative.

What you Pay

  • Daily interest.
  • A valuation fee is payable for all properties worth £800,000 or more.
  • Early repayment charge

    An Early Repayment Charge of 3% on the amount repaid will be applied for the duration of the product term. You can overpay by up to 10% of the loan outstanding per calendar year without charge.

    What we Pay

    • The first valuation fee for properties worth less than £800,000.
    • £100 cashback upon completion of your mortgage, if either or both applicants are NEU members.

    Who can apply and more information

    • Available for Shared Ownership home purchase and remortgage applications.
    • Available to teachers only.

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

    Representative Example

    A mortgage of £197,194.00 over 29 years initially on a discounted variable rate of 3.50% (equal to a 1.39% discount off our SVR) for 2 years and then our Standard Variable Rate of 4.89% for the remaining term, would require 24 monthly payments of £902.82 and 324 monthly payments of £1051.71.

    The total amount payable would be £362,550.68 made up of the loan amount plus interest (£165,246.68) with a Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

    The overall cost for comparison is 4.8% APRC representative.

    Call us today on 0800 378 669

    This product may be withdrawn or amended at any time, without prior notice

    Teacher Exclusive, Shared Ownership, 2 Year Variable Rate Remortgage 5% Deposit 3.50% Variable
    3.50% 4.89% 4.8% APRC 95% N/A N/A

    Key Features

    Variable rate

    A variable rate, currently 3.50%, which is discounted by 1.39% from our Standard Variable Rate for the first 2 years. It then changes to our Standard Variable Rate, which is currently 4.89%, and remains on our variable rate terms for the rest of the mortgage.

    The overall cost for comparison is 4.8% APRC representative.

    What you Pay

    • Daily interest.
    • A valuation fee is payable for all properties worth £800,000 or more.

    Early repayment charge

    An Early Repayment Charge of 3% on the amount repaid will be applied for the duration of the product term. You can overpay by up to 10% of the loan outstanding per calendar year without charge.

    What we Pay

    • The first valuation fee for properties worth less than £800,000.
    • £100 cashback upon completion of your mortgage, if either or both applicants are NEU members.
    • For remortgage applications, legal fees will be paid when using our appointed solicitor. For non-standard remortgages (i.e. shared ownership, transfer of equity, unencumbered property), we will pay £250 towards the legal costs and this will be sent directly to your solicitor on completion of the mortgage.

    Who can apply and more information

    • Available for Shared Ownership home purchase and remortgage applications.
    • Available to teachers only.

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

    Representative Example

    A mortgage of £197,194.00 over 29 years initially on a discounted variable rate of 3.50% (equal to a 1.39% discount off our SVR) for 2 years and then our Standard Variable Rate of 4.89% for the remaining term, would require 24 monthly payments of £902.82 and 324 monthly payments of £1051.71.

    The total amount payable would be £362,550.68 made up of the loan amount plus interest (£165,246.68) with a Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00. 

    The overall cost for comparison is 4.8% APRC representative.

    Call us today on 0800 378 669

    This product may be withdrawn or amended at any time, without prior notice

    THIS SITE IS FOR INTERMEDIARY USE ONLY