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Shared Ownership

Richard Willsher

Art & Photography Teacher
Dorset
Mortgage customer since 2012

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

Teacher Exclusive, Shared Ownership, 2 Year Fixed Rate Mortgage 5% Deposit 3.69% Fixed
3.69% 5.24% 5.1% APRC 95% N/A £199

Key Features

Fixed rate

A fixed rate of 3.69% 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 £199 (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.
    • £100 cashback for NEU members upon completion.

    Who can apply and more information

    • Available for Shared Ownership home purchase applications only.
    • 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 3.69% (Ending on 14 March 2022) and then our Standard Variable Rate of 5.24% for the remaining term, would require 25 monthly payments of £839.27 and 299 monthly payments of £981.00.

    The total amount payable would be £314,627.14 made up of the loan amount plus interest (£142,318.14) with a Application Fee of £199.00, 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    This product may be withdrawn or amended at any time, without prior notice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 3.74% Fixed
    3.74% 5.24% 4.8% APRC 95% N/A £199

    Key Features

    Fixed rate

    A fixed rate of 3.74% 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 4.8% APRC.

     

    What you Pay

    • Daily interest.
    • An application fee of £199 (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.
    • £100 cashback for NEU members upon completion.

    Who can apply and more information

    • Available for Shared Ownership home purchase applications only.
    • 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 3.74% (Ending on 14 January 2025) and then our Standard Variable Rate of 5.24% for the remaining term, would require 59 monthly payments of £844.02 and 265 monthly payments of £967.22.

    The total amount payable would be £306,437.12 made up of the loan amount plus interest (£134,128.12) with a Application Fee of £199.00, 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

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    YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE