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Teacher Exclusive, Shared Ownership, 5 Year Fixed Rate Mortgage

Available for loans up to 95% of the share of the property being purchased or valuation of the property, whichever is lower.
4.35% 5.24% 5% APRC 95%

Key Features

Fixed rate

A fixed rate of ​4.35% for the first 5 years (fixed until 14/​​02/2024). It then changes to our Standard Variable Rate, which is currently 5.24%, and remains on our variable rate terms for the rest of the mortgage.

The overall cost for comparison is ​5.0% APRC.

 

What you Pay

  • Daily interest.
  • An application fee of £99 (non-refundable) is payable with the application.
  • 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.
  • For remortgage applications, we will pay £250 towards the legal costs and this will be sent directly to your solicitor on completion of the mortgage.
  • ​£100 cashback for NEU members upon completion.

Who can apply and more information

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

Representative Example:

A mortgage of £157,000 over 29 years initially on a fixed rate of 4.35% (ending on 14th February 2024) and then our Standard Variable Rate of 5.24% for the remaining term, would require 59 monthly payments of £794.73 and 289 monthly payments of £864.44.

The total amount payable would be £297,057.51 made up of the loan amount plus interest (£139,731.01) with a funds transfer fee of £25, mortgage application fee of £99, legal fees of £117.50 and a mortgage exit fee of £85.

The overall cost for comparison is 5.0% APRC representative.

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

This information does not contain all of the details you need to choose a mortgage. Make sure that you read the separate Key Facts Illustration before you make a decision. For full details, please call our friendly team on 0800 378 669.

Product Reference: 395

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