Shared Ownership – Fixed Rate 90% LTV fixed until 30.04.2025

Product Details

Maximum Loan To Value (LTV)	90% LTV of proposed share
Initial Interest Rate	5.75% (fixed until 30th April 2025)
Follow On Variable Rate until 30.04.2030, currently: Followed by our Standard Variable Rate thereafter, currently:	7.49% 8.74%
The Overall Cost for Comparison is	8.30% APRC
Interest Calculated	Daily

Representative Example

The following is a representative example based on a mortgage of £157,152 payable over 25 years initially on a fixed rate of 5.75% until 30th April 2025, a further discounted rate of 7.49% until 30th April 2030, followed by our Standard Variable Rate of 8.74%. In this example you would make an initial payment of £1,247.87, 18 monthly payments of £1,000.30, 60 payments of £1,165.40 and 221 monthly payments of £1,272.60.

The total amount payable would be £370,696.87 made up of the loan amount plus interest of £213,269.87 and the following costs, a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£175.00), and a Mortgage Exit Administration Fee (£75.00).

The overall cost for comparison is 8.30% APRC representative.

Note: What you will pay may vary from this and will depend on your personal circumstances.

Fees

Early Repayment Charge	2.50% of the redemption balance until 30th April 2024. 1.50% of the redemption balance until 30th April 2025.
Application Fee	There is no Application Fee payable for this product.
Scheme Fee	There is no scheme fee payable for this this product.
Mortgage Exit Administration Fee	£75 (paid on redemption).
Standard Valuation Fee	Paid directly to valuer by the applicant – see Valuation Fee Scale for details. A standard mortgage valuation is required on all properties.
Procuration Fee	A Procuration Fee will be paid by the Society upon completion of the mortgage. Please refer to your mortgage broker for details.

Affordability

The following multiples apply:

For 1 or 2 Applicants Up to 4.49 x Total Income For 3 or 4 Applicants Up to 3.25 x Total Income

Our decision to lend will depend on whether the loan is affordable, which we will determine from an assessment of applicant income and other financial commitments, alongside the impact of future interest rate increases. To get an idea of how much the applicant may be able to afford, please speak to your mortgage advisor.

Additional Information

Age	Minimum - 18 Maximum - 85 (Interest Only and Part & Part Mortgages) - 90 (Repayment Mortgages)
Term	Minimum – 2 years Maximum – 40 years
Loan Size	Minimum - £50,000 Maximum – £400,000 (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)
Availability	Minimum Share of Property Value – 25% Maximum Share of Property Value – 75% Loan of up to 90% of the proposed share. The property must be a part of the grant funded scheme in England and Wales and to be let under standard lease arrangements which is to include the mortgagee protection clause. For more information on the shared ownership scheme please visit: https://www.helptobuy.gov.uk/shared-ownership/ Available to customers for mortgages secured against their main residential property. This product is available for residential houses only. This product is not available in the Greater London, Outer South East and Outer Metropolitan areas, for confirmation of acceptable areas and property types speak to your mortgage advisor. Designed for borrowers with a limited deposit. The mortgage must be taken on a capital repayment basis. With a discount variable product payments vary as interest rates change. Available to customers who meet our standard lending criteria. Non-standard products are available. Some property types and locations are not acceptable, speak to your Chorley Building Society mortgage advisor for more information. With a variable rate product, payments may vary as interest rates change.
Overpayments	The Society will allow overpayments of up to 10% of the capital balance per annum without invoking an early repayment charge.
Portability	You can keep this mortgage should you move to a new property. This mortgage is portable subject to your status meeting our criteria.
Insurance	Buildings insurance is compulsory in all instances.

This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time.