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Shared Ownership 3 Year discount remortgage only

Key Features

Mortgage type 
  • With a discounted rate mortgage, the lender's standard variable rate (SVR) is discounted for a specific period of time. The interest rate will vary as the lender's standard variable mortgage rate moves up and down but the amount of discount will remain the same.
Interest rates 
  • 3.64% variable. Our Standard Variable Rate (SVR) with a 0.56% discount for the first 3 years, changing to our SVR for the remainder of the mortgage.
Fees 
  • Application fee: Remortgage £200
  • Mortgage Exit Administration Fee (MEAF): £115
Features 
  • Overpayments allowed
  • Free valuation
  • Portable
Loan size 
  • £50,000 (min) - £300,000 (max)
Early repayment charge (ERC) 
  • No Early Repayment Charge (ERC) applicable
Eligibility 
  • The property must be located in England or Wales.
  • The mortgage must be on a capital and interest repayment basis.
  • Also available for existing borrowers to transfer their existing mortgage onto, subject to payment of any ERC's that apply on their current mortgage and for existing borrowers moving house.
  • The mortgage term must be between 5 and 35 years.
  • Products are available to those remortgaging their residential home, on a Shared Ownership basis, subject to product terms.
  • Minimum property value of £125,000
Representative example

A mortgage of £96,000 payable over 30 years initially on our standard variable rate, currently 4.2% with a discount of 0.56% for 36 months giving a current rate payable of 3.64% and then on our standard variable rate, currently 4.2% for the remaining 27 years would require 36 monthly payments of £439.53 and 324 monthly payments of £467.91 plus one initial interest payment of £143.51.
The total amount payable would be £167,684.43 made up of the loan amount plus interest of £71,369.43, an application fee of £200 and a MEAF of £115.

The overall cost for comparison is 4.2% APRC representative.

Additional information

WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE.

YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING ANY OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

    Legal costs

  • Legal work is required when remortgaging your home. This is carried out by a solicitor and is payable by you.  We can use the same solicitors as you, providing there is a minimum of four Approved Managers/License Holders and they are registered on The Law Society website (www.lawsociety.org.uk). Licensed conveyancers are also acceptable for residential business only. The conveyancer must be registered with the Council of Licensed Conveyancers and be in a firm with at least four Approved Managers/License Holders.
  • Incentives

  • We will carry out a standard mortgage valuation at our cost, providing the mortgage completes. If the mortgage does not complete and the valuation has been carried out, you are responsible for paying it. Where the valuation fee is payable, our normal scale of valuation fees apply.
  • If an existing borrower who is not moving house would like a revaluation carried out to assess which LTV tier they qualify for they will be required to pay a revaluation fee (see our Mortgages explained booklet for details).
  • Fees

  • The application fee can be added to the mortgage and is refundable if the mortgage does not take place. If you add the application fee to your mortgage, this increases the amount you borrow and will also increase your monthly payments.
  • A Mortgage Exit Administration Fee (MEAF) applies when you repay your mortgage. Please see our Tariff of charges leaflet and your Key Facts Illustration (KFI) for details.
  • 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). You can borrow up to 95% of your purchase share.
  • Timescales

  • Remortgages must complete within three months from the date the application is received.
  • 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. If the loan amount on your new mortgage is lower, there may be a charge based on the difference between the old and the new loan amount.
  • Other charges

  • Charges applying to the ongoing administration of your mortgage are detailed in our Tariff of charges PDF, which you will be given before your mortgage completes.
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