Shared Ownership for Term
|Shared Ownership for Term||5.65%||6.20%||90% of share||5.8%||£100||None||Yes|
0.55% discount off Stafford Railway’s Standard Variable Rate (SVR) currently 6.20% for term giving a current variable rate of 5.65%.
|The overall cost for the comparison||5.8%|
|Minimum Interest Rate||The interest rate on this product will not drop below 1.50%|
|Maximum LTV||90% of share|
|Early Repayment Charges||
Apply if more than 10% of the outstanding balance is repaid each year.
2% of repaid amount in Year 1
1% of repaid amount in Year 2
|Basic Valuation Fee|
|Minimum Property Value||£100,000|
|Minimum Term||5 years|
|Maximum Term||40 years|
|Maximum Age at Term End||95|
|Geographical Restrictions||We will lend throughout England and Wales|
A mortgage of £220,000 payable over 20 years initially on a discounted variable rate of 5.65% for term would require 240 monthly payments of £1,532.05 The total amount payable would be £368,392 made up of the loan amount plus interest (£148,392) a valuation fee of £425, a funds transfer fee of £30, estimated solicitor’s fees of £145 and an application fee of £100. The overall cost for comparison is 5.8% APRC representative.
- This mortgage summary should be read in conjunction with the Terms and Conditions.
- This information does not contain all of the details you need to choose a mortgage. You will need to obtain an ESIS before you make a decision. Please contact the Society to discuss your requirements.
Rates effective from 30/10/2023