|Maximum Loan to Value (LTV)||90% LTV of proposed share|
|Initial Interest Rate||3.19% (2.05% discount from our 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||5.24% (The Society’s Standard Variable Rate is set by its Board of Directors).|
|The Overall Cost for Comparison||5.1% APRC|
Minimum – 18 Years
Minimum – 2 Years
Maximum – 40 Years
Minimum Loan £50,000
Maximum Loan £400,000 (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)
Not available on a Joint Borrower Sole Proprietor or Guarantor basis.
Available to customers for mortgages secured against their main residential property. The mortgage property must be located within the boundary of the North West Region (Lancashire, Merseyside, Manchester, Cumbria & Cheshire). This product is available for residential houses only. 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.
Not available to customers who meet the Credit Renew criteria.
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 your income and other financial commitments, alongside the impact of future interest rate increases. To get an idea of how much you may be able to afford please speak to your mortgage advisor.
Minimum Share of Property Value – 25%
Maximum Share of Property Value – 75%
Loan of up to 90% of the purchase. 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/
|Application Fee||There is no application fee payable for this this product|
|Scheme Fee||There is no scheme fee payable for this product.|
|Mortgage Exit Administration Fee||£75 (paid on redemption).|
|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.|
|Early Repayment Charge||2.05% of the redemption balance for 2 years.|
|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|
|Representative Example:||The following is a representative example based on a mortgage of £126,562 payable over 25 years initially on a discounted variable rate of 3.19% for 2 years followed by our Standard Variable Rate of 5.24%. In this example you would make an initial payment of £634.92 then 23 monthly payments of £612.80 followed by 276 monthly payments of £747.40.
The total amount payable would be £221,616.72 made up of the loan amount plus interest of £94,449.72 and the following fees, a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£175), Legal Fees (£330.00) and a Mortgage Exit Administration Fee (£75.00).
The overall cost for comparison is 5.1% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.