Shared Ownership - 2 Year Discount 95% LTV

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Shared Ownership - 2 Year Discount 95% LTV

Product details

Maximum Loan To Value (LTV)

95%

Initial Interest Rate

5.84%

Follow On Variable Rate for 4 Years

7.24%

Standard Variable Rate thereafter

8.49%

Overall Cost for Comparison (APRC)

7.90%

Interest Calculated

Daily

Initial Interest Rate: 5.84% (2.65% discount from the Society’s Standard Variable Rate for 2 years. The discount is subject to a minimum interest rate floor of 2.00%).

Maximum LTV 95% LTV of proposed share.

This is a limited issue and the Society reserves the right to withdraw this scheme without notice at any time.

Mortgage Summary

The following is a representative example based on a mortgage of £216,634 payable over 25 years initially on a discounted variable rate of 5.84% for 2 years, a further discounted variable rate of 7.24% for 4 years, followed by our Standard Variable Rate of 8.49%. In this example you would make 24 monthly payments of £1,374.67, 48 payments of £1,553.21 and 228 monthly payments of £1,699.89.

The total amount payable would be £496,420.08 made up of the loan amount plus interest of £278,487.08 and the following costs, a Scheme Fee of (£999.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£200.00), and a Mortgage Exit Administration Fee (£75.00).

The overall cost for comparison is 7.9% APRC representative.

Note: What you will pay may vary from this and will depend on your personal circumstances.

Early Repayment Charge

2.50% of the redemption balance in year 1 
1.50% of the redemption balance in year 2

Application Fee

There is no Application Fee payable for this product.

Scheme Fee

£999 (can be added to the loan, subject to LTV and lending criteria, or paid on completion. Fees added to the loan will accrue interest. Further details are available on application).

Mortgage Exit Administration Fee

£75 (paid on redemption).

Standard Valuation Fee

Paid directly to valuer by the applicant – see Valuation Fee Scale for details.

A standard mortgage valuation is required on all properties.

Procuration Fee

A Procuration fee will be paid to the Introducer by the Society upon completion of the mortgage. Please refer to your Introducer for details.

Age

Minimum - 18

Maximum - 72

Term

Minimum – 2 years

Maximum – 40 years

Loan Size

Minimum - £50,000

Maximum – £1,200,000 (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)

Availability

Minimum Share of Property Value – 25%

Maximum Share of Property Value – 75%

Loan of up to 95% of the proposed share. The property must be a part of the grant funded scheme in England and Wales and to be let under standard lease arrangements which is to include the mortgagee protection clause.

For more information on the shared ownership scheme please visit: 

https://www.gov.uk/shared-ownership-scheme

Available to customers for mortgages secured against their main residential property. This product is available for residential houses only. This product is not available in the Greater London, Outer South East and Outer Metropolitan areas, for confirmation of acceptable areas and property types speak to your mortgage advisor. Designed for borrowers with a limited deposit. The mortgage must be taken on a capital repayment basis. With a discount variable product payments vary as interest rates change. Available to customers who meet our standard lending criteria.  Non-standard products are available.

Some property types and locations are not acceptable, speak to your Chorley Building Society mortgage advisor for more information.

With a variable rate product, payments may vary as interest rates change.

Overpayments

The Society will allow overpayments of up to 10% of the capital balance per annum without invoking an early repayment charge.

Portability

You can keep this mortgage should you move to a new property. This mortgage is portable subject to your status meeting our criteria.

Insurance

Buildings insurance is compulsory in all instances.

What you can expect from us:

  • Individual advice from friendly, qualified mortgage advisers.
  • Legal & valuation incentives (subject to product terms and conditions).
  • A flexible approach to your lending needs.
  • A personal service – one point of contact.
  • A choice of interest-only or capital repayment methods, or a combination of both.
  • We will guide you every step of the way.

At Chorley Building Society, we aim to help you find the mortgage that’s right for you and provide you with the best possible service. Whether looking to purchase a home or remortgage, we are here to help.