Shared Ownership – 2 Year Discount 90% LTV

Maximum Loan To Value (LTV)
90% LTV of proposed share
Initial Interest Rate
6.09% (2.65% discount from the Society’s Standard Variable Rate for 2 years. The discount is subject to a minimum interest rate floor of 2.00%).
Followed by our Standard Variable Rate thereafter, currently:

The Overall Cost for Comparison is
8.10% APRC
Interest Calculated
The following is a representative example based on a mortgage of £230,000 payable over 25 years initially on a discounted variable rate of 6.09% for 2 years, a further discounted variable rate of 7.49% for 4 years, followed by our Standard Variable Rate of 8.74%. In this example you would make 24 monthly payments of £1,494.57, 48 payments of £1,686.35 and 228 monthly payments of £1,844.04.

The total amount payable would be £538,579.60 made up of the loan amount plus interest of £307,255.60 and the following costs, a Scheme Fee of (£999.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£225.00), and a Mortgage Exit Administration Fee (£75.00).

The overall cost for comparison is 8.10% APRC representative.

Note: What you will pay may vary from this and will depend on your personal circumstances.
Early Repayment Charge
2.50% of the redemption balance in year 1 
1.50% of the redemption balance in year 2
Application Fee
There is no Application Fee payable for this product.
Scheme Fee
£999 (can be added to the loan, subject to LTV and lending criteria, or paid on completion. Fees added to the loan will accrue interest. Further details are available on application).
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 to the Introducer by the Society upon completion of the mortgage. Please refer to your Introducer for details.
Minimum – 18 years
Maximum – 72 years
Minimum – 2 years
Maximum – 40 years
Loan Size
Minimum - £50,000
Maximum – £1,200,000 (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)
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:

Available to customers for mortgages secured against their main residential property only and for those with a limited deposit. 
This product is not available in the Greater London, Outer Southeast, and Outer Metropolitan areas and some property types and locations are not acceptable.  Please speak to your mortgage advisor to confirm acceptable areas and property types.
The mortgage must be taken on capital repayment basis and is available to customers who meet our standard lending criteria. Non-standard lending products are available. 
With a variable rate product, payments may vary as interest rates change.
The Society will allow overpayments of up to 10% of the capital balance per annum without invoking an early repayment charge.
You can keep this mortgage should you move to a new property. This mortgage is portable subject to your status meeting our criteria.
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.