Shared Ownership 2 Year Fixed

A mortgage of £88,703.00, payable over 30 years and 2 months (362 months) initially on a fixed rate for 2 years (24 months) of 6.10% and then on our current standard variable rate of 7.89% for the remaining 28 years and 2 months (338 months) would require 24 monthly payments of £536.50 then 338 monthly payments of £638.60 on a capital and interest repayment basis. The total amount payable would be £229,160.82 made up of the loan amount plus interest (£140,362.82) with a £10.00 CHAPS fee, and £85.00 redemption administration fee. The overall cost for comparison is 7.9% representative APRC.

Full Repayment

An early repayment charge equivalent to 2% of the outstanding balance applies if the loan is repaid in full within the first year and 1% in the second year. Thereafter the Society’s standard repayment charges will apply – see Tariff of Charges. The early repayment charge may be refunded if the borrower(s) take out a new mortgage with the Society subject to meeting the Society’s criteria.

Partial Lump Sum Repayment

Up to 10% of the advanced amount may be repaid in any year of the product rate period without charge. Repayments made above the 10% limit will be subject to a charge of 2% in the first year and 1% in the second year.

CHAPS Fee

On completion, the advance will be released to the appointed Solicitor by CHAPS (Clearing House Automated Payment Service). This is at a cost to the borrower of £10.00.

Valuation Fee

The Society will pay the cost of a standard mortgage valuation.

Mortgage Exit Administration Fee /Additional Fees

£85.00 Redemption Administration Fee. Additional administration fees may apply during the life of your mortgage. Details of these can be found in the Tariff of Charges leaflet.