arrangement fee
This can be paid up-front or added to the mortgage. Bear in mind that if you add the fee to your mortgage, you'll pay interest on it at the same rate as your mortgage and as a result will pay more interest over the term of your mortgage.
£999
booking fee
This fee must be paid when you apply for your mortgage.
no fee
initial rate
3.15% discount from our Standard Variable Rate until 31 December 2026
5.29%
followed by our SVR
Our Standard Variable Rate (or SVR) reflects our cost of lending using a number of factors, including the Bank of England Base Rate. As the SVR is a variable rate it can change at any time.
8.44%
the overall cost for comparison is 8.1% APRC

Discounted until 31/12/2026 . Early Repayment Charges apply. . This product may be withdrawn at any time.

Product key features

Key features

Shared Ownership allows first-time buyers to purchase part of a property, while renting the other part. You will buy a share of between 25% - 75% of the property and pay rent to a Housing Association landlord on the rest.

At the Tipton, we will consider lending up to 95% of the share you are buying. We will only consider applications where the Housing Association will allow you to buy more share in the property, up to 100% of the property value (this is known as “staircasing”). 

We will only consider applications in England and require the lease on the property to have a minimum of 85 years remaining at the point of application.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Product related fees

There is an arrangement fee of £999. This fee can be taken off the mortgage amount, or you can add the fee to the amount you borrow. If you choose to add the arrangement fee to your mortgage, you will pay interest on the fee at the same rate as your mortgage. If you choose to take the arrangement fee off the mortgage, this will be deducted from the amount you borrow and so, you will need to pay the arrangement fee to your solicitor at completion.  

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Mortgage amounts

There is a minimum mortgage amount of £50,000. This product has a maximum mortgage amount of £1,000,000.

The maximum loan to value is 95% of the share of the purchase property.

We have a minimum property value of £100,000 which increases to £250,000 for properties located within the M25 corridor.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Mortgage repayment terms

The minimum repayment term is 5 years and the maximum repayment term is 40 years.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Interest rate floor

The interest rate is floored and cannot fall below 4.39%.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Early Repayment Charges

You can overpay up to 10% of the original mortgage amount each year. If you repay more than 10%, including a full redemption or rate switch during the discount product period you will be liable for an Early Repayment Charge.

The Early Repayment Charge will be calculated at:

  • 3% of the amount repaid until 31 December 2024;
  • 2% of the amount repaid until 31 December 2026.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Mortgage tariff of charges

The mortgage tariff of charges details the various fees and charges that may apply during the term of your mortgage.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Representative example

A mortgage of £183,000 payable over 30 years initially on a discounted variable rate until 31 December 2026, currently 5.29% (equal to a 3.15% discount from our SVR) and then our SVR, currently 8.44% for the remaining term would require an initial payment of £1,047.32 followed by 24 monthly payments of £1,020.61 and 335 monthly payments of £1,387.96.

The total amount payable would be £491,108.56 made up of the mortgage amount plus interest (£307,508.56) with an arrangement fee of £999, a mortgage valuation fee of £300, legal fees of £150, a telegraphic transfer fee of £25 and mortgage exit fees of £125.

The overall cost for comparison is 8.1% APRC representative.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Here to help you...

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0121 557 2551*
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Our mortgage customers say...

"You soon get to know the people you are dealing with, which helps to take the stress out of your mortgage." Mrs Main
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Your home may be repossessed if you do not keep up repayments on your mortgage.