Purchase Only 2 Year Shared Ownership Fixed Rate Mortgage
RATES CORRECT AS AT 24 February 2022
Initial rate
3.82%
Fixed up to and inc. 30/06/2024
Then changing to the Society's SVR less a discount of 1.25%, (currently)
4.29%
Up to and inc. 30/06/2027
Then changing to the Society's SVR, (currently)
5.54%
For the remaining term of the mortgage
The overall cost for comparison is
4.8%
APRC
Maximum loan to value
75%
FEES AND CHARGES WILL APPLY, SOME OF WHICH ARE NON-REFUNDABLE, SEE BELOW.
Representative Example
A mortgage of £85,000.00 payable over 25 years initially on a fixed rate for 2 years at 3.82% and then a 1.25% discount on our current Standard Variable Rate of 5.54% giving a rate of 4.29% for 3 years and then on our current Standard Variable Rate of 5.54% for the remaining 20 years would require 24 monthly payments of £439.85, 36 monthly payments of £460.45 and 240 monthly payments of £511.36.
The total amount payable would be £149,893.38 made up of the loan amount plus interest of £64,858.38 and application fee £0, product fee £0, valuation fee £0, funds transfer fee £35.
The overall cost for comparisons is 4.8% APRC representative.
This representative example assumes a mortgage completion date on the 1st day of a calendar month.
The above representative example is for illustration purposes only and may vary depending on your personal circumstances.
Additional features
- Interest calculated daily.
- Maximum loan £400,000.
- Not Portable.
- Not Available in Scotland.
- Available between 25% - 75% LTV.
- Free standard valuation up to £999 .
- This product is not available to interest only applications.
- 10% capital repayments are allowed each year during the fixed rate period without incurring an Early Repayment Charge.
- Tapered Early Repayment Charges apply up to and including 30 Jun 2024.
- Only available for house purchases.
- 95% borrower share available.
Fees
Application Fee (payable on application - non-refundable)
£0
Product Fee (payable on application - this is refundable should the mortgage not complete)
£0
Mortgage Exit Fee
£199