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Shared Ownership fixed rate until 29 September 2022

Key Features

Mortgage type 
  • A fixed rate mortgage has an interest rate that stays the same for a set period of time. During the fixed rate period your monthly repayments stay the same. At the end of the fixed rate period the interest rate will change, usually to the lender's standard variable rate (SVR).
Interest rates 
  • 3.49% fixed until 29 September 2022 changing to our Standard Variable Rate (SVR) for the remainder of the mortgage. Remortgages are accepted but only when releasing capital for staircasing.
Minimum share of property being purchased 
  • 25%
Maximum loan to value of share 
  • 90 %
  • Mortgage Exit Administration Fee (MEAF): £115
  • Overpayments allowed
  • Free valuation
  • No booking fee
Loan size 
  • £40,000 (min) - £350,000 (max)
Early repayment charge (ERC) 
  • The Early Repayment Charge (ERC) period applies from the date of completion.
  • For this product the ERC period is until 29 September 2022.
  • The ERC is 3% until 29 September 2021 and then 2% until 29 September 2022 of the original loan amount.
  • During the ERC period you are permitted to make overpayments up to 10% of the original loan amount per year. If overpayments exceed 10% in a year during the ERC period, you will have to pay the relevant ERC percentage rate on the amount of overpayment exceeding the permitted level.
  • The full ERC is payable on the original loan amount if you repay your mortgage in full during the ERC period. The ERC will also be levied on previously permitted overpayments.
  • Available to existing borrowers who are transferring their existing mortgage (when taken in conjunction with a further advance for staircasing).
  • Available to remortgage customers who are releasing capital to fund staircasing.
  • The property must be located in England or Wales.
  • The mortgage term must be between 5 and 35 years.
  • The mortgage must be on a capital and interest repayment basis.
  • Available to those purchasing their residential home, on a shared ownership basis, subject to product terms.
  • Minimum property value of £125,000
Representative example

A mortgage of £91,350.00 payable over 25 years initially on a fixed rate for 3 years and month at 3.49% and then on our standard variable rate, currently 4.45% for the remaining 21 years and 11 months would require 37 monthly payments of £456.83 and 263 monthly payments of £499.98 plus one initial interest payment of £183.43.

The total amount payable would be £148,695.88 made up of the loan amount plus interest of £57,230.88 and a MEAF of £115.

The overall cost for comparison is 4.3% APRC representative.

Additional information



    Legal costs

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

  • We will pay for one standard valuation fee.
  • Standard mortgage valuation fee

  • You can upgrade to a Home Buyers report if you wish and if you would prefer a full building survey, we can give you the names of some local surveyors who can organise this for you. (see our Mortgages Explained booklet for valuation and home buyer fees).
  • Qualification

  • You need to be accepted by a zone agent, housing association or local council for the Shared Ownership scheme.
  • 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. Please see our Tariff of charges leaflet and your European Standardised Information Sheet (ESIS) for details.
  • Timescales

  • House purchases must complete within three months of the date of the formal mortgage offer.
  • For new build properties the mortgage offer is valid for up to 6 months. The application must be able to complete in the product time scales. Therefore, the new build property must be completed and available for occupation within six months of the mortgage offer.
  • 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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