Shared Ownership
Like the Help to Buy equity loan, Shared Ownership is another affordable home ownership scheme designed to assist aspiring buyers who are struggling to afford a mortgage. This scheme offers buyers the option to buy between a quarter to three-quarters of a property and pay rent on the remaining share.
Shared Ownership Mortgages
| Interest Rate |
Standard Variable Rate |
Overall Cost For Comparison |
Max % Property Value |
Arrangement Fee |
Application Fee |
|
| Teacher Exclusive, Shared Ownership, 2 Year Fixed Rate Mortgage 5% Deposit 3.84% Fixed |
| 3.84% |
5.24% |
5.1% APRC |
95% |
N/A |
£99 |
|
Key Features
Fixed rate
A fixed rate of 3.84% for the first 2 years (fixed until 14/03/2022). 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 5.1% 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.
Your home may be repossessed if you do not keep up repayments on your mortgage
Representative Example
A mortgage of £172,000.00 over 27 years initially on a fixed rate of 3.84% (Ending on 14 March 2022) and then our Standard Variable Rate of 5.24% for the remaining term, would require 26 monthly payments of £853.56 and 298 monthly payments of £981.40.
The total amount payable would be £314,876.86 made up of the loan amount plus interest (£142,667.86) with a Application Fee of £99.00, Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00.
The overall cost for comparison is 5.1% 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This product may be withdrawn or amended at any time, without prior notice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, 5 Year Fixed Rate Mortgage 5% Deposit 4.35% Fixed |
| 4.35% |
5.24% |
5.0% APRC |
95% |
N/A |
£99 |
|
Key Features
Fixed rate
A fixed rate of 4.35% for the first 5 years (fixed until 14/01/2025). 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.
Your home may be repossessed if you do not keep up repayments on your mortgage
Representative Example
A mortgage of £172,000.00 over 27 years initially on a fixed rate of 4.35% (Ending on 14 January 2025) and then our Standard Variable Rate of 5.24% for the remaining term, would require 60 monthly payments of £903.14 and 264 monthly payments of £976.09.
The total amount payable would be £312,105.67 made up of the loan amount plus interest (£139,896.67) with a Application Fee of £99.00, Funds Transfer Fee of £25.00 and a Mortgage Exit Fee of £85.00.
The overall cost for comparison is 5.0% APRC representative.
Call us today on 0800 378 669
This product may be withdrawn or amended at any time, without prior notice
|