Shared Ownership for Term
| Mortgage Type |
Initial Rate |
Term | Standard Variable Rate |
Maximum Loan to Value |
Overall Cost for Comparison (APRC) |
Application Fee |
Arrangement Fee |
Early Repayment Charge |
|---|---|---|---|---|---|---|---|---|
| Shared Ownership for Term | 5.65% | 6.20% | 90% of share | 5.8% | £100 | None | Yes |
Product Details
| Starting Rate | 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% |
| Discount Period | Term |
| Minimum Interest Rate | The interest rate on this product will not drop below 1.50% |
| Maximum LTV | 90% of share |
| Available for |
Movers
Purchase
Remortgage
|
| Minimum Loan | £50,000 |
| Maximum Loan | £500,000 |
| 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 |
| Application Fee | £100 |
| Arrangement Fee | None |
| Basic Valuation Fee | |
| Minimum Property Value | £100,000 |
| Minimum Term | 5 years |
| Maximum Term | 40 years |
| Repayment Type |
Interest Only
Repayment
|
| Minimum Age | 18 |
| Maximum Age at Term End | 95 |
| Geographical Restrictions | We will lend throughout England and Wales |
| Incentives | None |
| Representative example | 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.
|
Notes
- 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