Call us on 01664 414141 between 9am and 6pm Monday to Friday and 9am and 12pm on Saturdays

Shared Ownership – 3 Year Discounted Rate 3.29%

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Money Age Awards Winner 2016 - Moneyfacts  Award 2016 - Mortgage Finanace Gazette Awards 2017 WINNER

A Shared Ownership mortgage ideal for first time buyers and customers looking for an affordable way of buying a home.

Loan to Value (LTV) A variable rate with a 1.70% discount off your standard variable rate (SVR) for 3 years Then changing to our SVR for rest of mortgage term, currently The overall cost for comparison is
95% 3.29% 4.99% 4.8% APRC
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Based on a £72,075 mortgage, secured by first charge on your main residential property, repaid on a repayment basis over a 29 year term:  36 monthly payments at a variable rate of 3.29%, (£321.66) £11,579.76.  312 monthly payments at standard variable rate (currently 4.99%), (£385.96) £120,419.52.  Valuation fee on property of £99,720, payable when you apply £170 (see scale) .  Application fee payable when you apply £199.  Telegraphic Transfer fee payable when you apply £25.  Solicitors fees payable to your conveyancer (estimated) £360.  Mortgage Discharge Fee payable at the end of your mortgage £150.  Total Amount Payable £132,903.28.

Terms

  • Maximum Loan to Value (LTV) 95% of the share being purchased subject to a maximum of 75% of the value of the property for the purpose of staircasing. LTV restrictions apply in London – contact us for details.
  • Application fee £199
  • An Early Repayment Charge applies if overpayments exceed 10% of the balance at the start of each year, within 3 years of completion: 3% during 1st year; 2% during 2nd year; 1% during 3rd year.
  • Minimum loan amount £70,000, maximum loan amount £150,000
  • Other lending criteria may apply – details available on request.

Additional features

  • Make overpayments of 10% of the current balance each year without incurring early repayment charges
  • This mortgage is fully portable if the property is sold within the scheme period (terms apply).  Please refer to our Portability Information Sheet.
  • Option to link to Offset Share account up to 20% of current mortgage balance (terms apply)

Full Product Details

Working out your mortgage budget

It’s a good idea to know approximately how much you’ll have to spend before you start house hunting. The Melton’s mortgage advisors will help work out an affordability budget with you to give you an indication of how much you may be able to borrow.

Saving for your deposit

Opening a savings account can be a good way to save up for your deposit. Take a look at our range of savings accounts.

Finding your first home

Make friends with the agents. Calling and visiting your estate agents regularly will help ensure you’re the first to know when a hot new property hits the market.
Put aside a whole day, and do a number of viewings (six is the suggested maximum). Go on a weekday if you can – estate agents will give you more time than at the weekend.
Take your own pictures. These are much more useful than glossy agents’ shots. Film your visits on your phone, too. That way, you have something to refer back to.

We’re also here to help with:

Home insurance

We offer competitive buildings and contents insurance in partnership with Arthur J. Gallagher. Find out more.

Click here for our handy guide to Mortgages Click here for a summary of our Mortgages First time buyers guide to building your first home Join the Wildlife Trust for £10 - Call in to your local branch Mortgage Calculator - Compare our mortgage products and monthly payments

Get In Touch

Call one of our friendly advisors on 01664 414141. Opening hours 9am to 6pm Monday to Friday and 9am to 12pm on Saturday.

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