Existing Borrower Transfer Shared Ownership 3 year discount

  • Initial rate:

    5.15% variable

  • APRC:

    6.0%

  • Product fees:

    £0 Existing borrower transfer

  • Maximum LTV:

    75% of share

  • Early repayment charge:

    No

  • Overpayments allowed
  • Portable

Your home may be repossessed if you do not keep up repayments on your mortgage.

Interest rates:

  • During the first 3 years: 5.15% variable (Standard variable rate minus 1%)
  • After the first 3 years: 6.15% variable  (Standard variable rate)
  • For comparison purposes: 6% APRC

Minimum share of property:

  •  25%

Maximum LTV of share:

  • 75%

Fees:

  • Existing borrower product transfer application fee: ££0
  • Mortgage exit administration fee (MEAF): £100

Loan size:

  • £10,000 (min) - £39,999 (max)

Features:

  • Overpayments allowed

Early repayment charge:

  • No Early Repayment Charge (ERC) applicable

Overpayments:

During 3 year deal:

  • Unlimited overpayments allowed

Representative example:

A mortgage of £254,500 payable over 19 years and 4 months years initially on our standard variable rate, currently 6.15% with a discount of 1.00% for 36 months giving a current rate payable of 5.15% and then on our standard variable rate, currently 6.15% for the remaining 16 years and 4 months would require 36 monthly payments of £1,734.43 and 196 monthly payments of £1,859.07.

The total amount payable would be £426,917.20 made up of the loan amount plus interest of £172,317.20 and a MEAF of £100.

The overall cost for comparison is 6.0% APRC representative.

Who’s eligible to apply?

  • Product available for existing borrowers to transfer their existing Shared Ownership mortgage into, subject to payment of ERCs that apply on their current mortgage.

Share of property

  • Your share of the property must be between 25% and 75% of the purchase price or valuation (the lower of the two). 

Fees:

  • A mortgage exit administration fee (MEAF) applies when you repay your mortgage. You may have to pay this if:
    Your mortgage term comes to an end;
    You transfer the loan to another lender; or
    You transfer borrowing from one property to another.

Other charges:

  • Charges applying to the ongoing administration of your mortgage are detailed in our Tariff of Charges leaflet, which you will be given before your mortgage completes. They can also be found on our website. 

Portability:

  • All our mortgages are portable, which means that if you move house within an early repayment charge period the product can be transferred to your new mortgage, up to the value of the product outstanding at redemption, without charge.