Search the site

Shared Ownership 5 Year Fixed

Home > Mortgages > Buying a home > Shared Ownership 5 Year Fixed

Our 5 Year Mortgage offers a fixed rate of 4.15% for a period of 5 years from completion.  Thereafter the interest rate will revert to the Society’s prevailing standard variable mortgage interest rate (SVR), currently 5.34%. The SVR interest rate charged won’t fall below 2.00%.

Try our mortgage Calculator
Our mortgage calculator is designed to show you how much you could potentially borrow and how much your monthly payments would be. The amount is based solely on your income without deducting household expenses and financial commitments. Your mortgage adviser will take you through the application process and will calculate the amount you can afford to borrow based on your income after the deduction of those expenses and commitments. Further restrictions may apply for specialist products.

Gross annual income





LTV Amount





Payment Terms





Product
Initial rate
Overall cost
for comparison
Max % LTV
Completion Fee
Mortgage Repayment
 
Shared Ownership 5 Year Fixed
Representative Example
4.15%
5.0% APRC
95%
£0
Product
Shared Ownership 5 Year Fixed
Representative Example
Initial rate
4.15%
Overall cost for comparison
5.0% APRC
Max% LTV
95%
Completion Fee
£0

Advance

Minimum £25,000: Maximum £300,000

Loan to Value (LTV)

Maximum 95% of the share to be purchased

Maximum 90% of the share to be re-mortgaged

Term

Minimum 5 years: Maximum 35 years

Availability

This product is available for the purchase or re-mortgage of Shared Ownership residential property in mainland England and Wales for the applicants own use. All applications are subject to the Society’s general lending criteria, property valuation and satisfactory status enquiries. This product is a limited edition and cannot be guaranteed until an application has been received.

The Society will not lend on flats, apartments or maisonettes purchased through Shared Ownership.

Free Valuation

The Society will pay the cost of a standard valuation.

Repayment Method

Applications will only be accepted on a capital and interest basis.

Important Information

The SVR interest rate charged cannot fall below 2%.

Full Repayment

An early repayment charge equivalent to 5% of the advance amount applies if the loan is repaid in full within the first and second years reducing to 4% in the third year, 3% in the fourth year and 2% in the fifth year of the product period. 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 equivalent to 5% of the advance amount in the first and second years reducing to 4% in the third year, 3% in the fourth year and 2% in the fifth year of the product period.

 

CHAPS Fee

On completion, the advance will be released to the appointed Solicitor by CHAPS (Clearing House Automated Payment Service). A fee of £30.00 is payable on completion.  This fee can be added to the loan subject to LTV limits.

Valuation Fee

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

Mortgage Exit Administration Fee /Additional Fees

£120.00 inclusive of £35.00 Deeds Release Fee and £85.00 Sealing Fee. Additional administration fees may apply during the life of your mortgage. Details of these can be found in the Tariff of Charges leaflet.

The Loughborough mortgage service is tailored to each individual and offered on a fully advised basis where applicable. Our qualified advisers will spend time with you to understand your mortgage needs and financial circumstances before recommending the most suitable solution for you.

To get in touch with our mortgage team either telephone us on 01509 631950, email at mortgages@theloughborough.co.uk or request a call back here.