Charles Derby Mortgage Bureau"Thank you for your help and assistance in this case, it takes me back to the good old days of everything being manually underwritten."Peter Matthews
3 year discount shared ownership 90% LTV [SD28]
Discounted for 3 years
Early Repayment Charges apply.
This product may be withdrawn at any time.
Product key features
Product related fees
A £495 arrangement fee applies to this product. This can be paid up front by deducting the fee from the mortgage amount or added to the amount borrowed.
If your client chooses to add the fee to their mortgage they will pay interest on the fee at the same rate as the mortgage.
There is a minimum mortgage amount of £50,000.
This product has 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%.
Applications can only be considered where the Housing Association permits 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.
Interest rate floor
The interest rate is floored and cannot fall below 2.99%.
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 the amount repaid exceeds this limit, 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 during the first year;
- 2% of the amount repaid during the second year; and
- 1% of the amount repaid during the third year
Here to help you
- Talk about your clients needs
- Help with your existing cases
- Discuss our lending criteria
- Discuss affordability
Your home may be repossessed if you do not keep up repayments on your mortgage.