YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Key Comparison Notes
|A discount off the Society’s Standard Variable Rate for 2 years of 1.56%||6.43%|
|Followed by the Society’s Standard Variable Rate for the remaining term of the loan, currently:||7.99%|
|The overall cost comparison is:||8.0%
Shared Ownership (Purchase)
Part Capital Repayment and Part Interest Only
Available for Purchases
The minimum loan amount is £50,000.00.
The maximum loan amount is £250,000.00.
The maximum loan to value is 90% (of share).
This scheme is available to borrowers wishing to purchase a minimum of 25% share of a property on a leasehold basis. The freehold of the property is owned by a housing association and rent is payable to them. Security is held over the leasehold on the owned proportion of the property, not the freehold.
The Society requires that the Mortgage Protection Clause be contained within the lease document.
The Society will, subject to compliance with mortgage conditions, offer a 1.56% discount off the Society’s Standard Variable Rate for 2 years, making the current rate payable 6.43%. After 2 years the Society’s Standard Variable Rate, currently 7.99% will apply. The rate payable will not go below a floor rate of 2.00% during the discounted period.
An early repayment charge will be payable if the mortgage is redeemed during the first two years. The early repayment charge will be equivalent to 1.56% of the capital repaid less the permitted 10% overpayment allowance. Overpayments (monthly or lump sum) up to a total of 10% of the outstanding loan per year are allowed without charge. Any amount repaid over the 10% limit will incur an early repayment charge of 1.56% on the excess amount.
- Application Fee – £199.
- Valuation Fee – Variable. Payable on application. Not refundable once the valuation has been carried out.
- Mortgage exit fee – £50.00. Payable upon redemption of the mortgage.
This mortgage is portable, subject to suitable security and underwriting assessment.
Where any part of the loan is arranged on an interest only basis, the interest only element must not exceed 50% LTV. A suitable repayment vehicle sufficient to cover the interest only part of the loan needs to be in place.
This product may be withdrawn without notice.
A mortgage of £156,000 payable over 25 years on our discounted rate for 2 years at 1.56 % below the Society’s current variable rate, making the current rate payable 6.43 % (variable), and then on our current variable rate of 7.99% (variable) for the remaining 23 years would require 24 monthly payments of £1,046.51 and 276 monthly payments of £1,194.33 plus one initial interest payment of £412.22.
The total amount payable would be £355,859.47 made up of the loan amount plus interest (£199,360.47) and an application fee of £199, a valuation fee of £250 and a mortgage exit fee of £50.
The overall cost for comparison is 8.0% APRC representative.
This representative example assumes a mortgage completion date on the 15th day of a calendar month.
The above representative example is for illustration purposes only and may vary depending on your personal circumstances.
Further First Time Buyer or New Mortgage Products:
|Products||Prod Code||More Details||Distribution||Initial Rate||Initial Period||Reverts to||App Fee||Product Fee||Free Val?||Fee Assisted Legals?||Max LTV||Min Loan Amount||Max Loan Amount||ERC||Features|
|2 Year Discount (Purchase)||P017||View Details||Broker & Direct||6.23%||2 Years||SVR||£199||£500||No||No||90%||£30,000||£300,000||1.76% During Disc Period|
|2 Year Discount – Large Loan (Purchase)||P018||View Details||Broker & Direct||6.23%||2 Years||SVR||£699||£500||No||No||90%||£300,001||£750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%)||1.76% During Disc Period|
|Blue Light Mortgage (Purchase)||P035||View Details||Broker & Direct||6.43%||2 Years||SVR||£199||£995||No||No||95%||£30,000||£250,000||3% During Disc Period|
|Heartland 2 Year Fixed Rate (Purchase)||P041||View Details||Direct & Broker||6.25%||2 Years||SVR||£199||£800||No||No||90%||£30,000||£300,000||3% During Disc Period|
|Heartland 2 Year Discount (Purchase)||P042||View Details||Broker & Direct||5.73%||2 Years||SVR||£199||£500||No||No||90%||£30,000||£300,000||2.26% During Disc Period|
|Shared Ownership (Purchase)||P019||View Details||Broker & Direct||6.43%||2 Years||SVR||£199||Nil||No||No||90% of share||£50,000||£250,000||1.56% During Disc Period|
|Standard Variable Rate (Purchase & Remortgage)||SV19||View Details||Broker & Direct||7.99%||N/A||N/A||£199||£500||No||No||90%||£30,000||£750,000 (LTV up to 75%), £450,000 (LTV 76% to 90%)||Yes|
|Second Home (Purchase & Remortgage)||H2ND||View Details||Broker & Direct||6.49%||2 Years||SVR||£249||£800||No||No||75% C&I, 70% IO||£75,000||£750,000||2.00% During Disc Period|