2 year fixed rate shared ownership 90% LTV [SF37]
Fixed until 30/06/2020
Early Repayment Charges apply.
This product may be withdrawn at any time.
Product key features
Product related fees
An arrangement fee of £999 applies to the mortgage. This fee can be added to the mortgage amount or paid upfront by deducting the fee from the amount borrowed.
There is a minimum mortgage amount of £50,000 and a maximum mortgage amount of £250,000.
The maximum loan to value for this product is 90% of the share of the purchase property.
The mortgaged property
Shared ownership products are available up to 90% loan to value on both new build houses and apartments of no more than five storeys. Your client must purchase a minimum property share of 25% or a maximum property share of 75%.
We can only consider applications where the Housing Association will allow additional borrowing, or 'staircasing', up to 100% of the property value.
There is a minimum property value of £100,000 for this product. This increases to £250,000 for properties located within the M25 corridor.
Mortgage repayment terms
The minimum repayment term is 5 years and the maximum repayment term is 35 years.
Early Repayment Charges
Your client can overpay up to 10% of the original mortgage amount each calendar year without charge. If they choose to repay more than this, including at redemption or switching products they will be liable for an Early Repayment Charge.
Your clients Early Repayment Charge will be:
- 3% of the amount repaid until 30/06/2018;
- 2% of the amount repaid until 30/06/2019; and
- 1% of the amount repaid until 30/06/2020
Here to help you...
- Answer your questions
- Find a mortgage suitable for your client
- Discuss your existing cases with us
- Talk through a new decision in principle
Your home may be repossessed if you do not keep up repayments on your mortgage.