Shared Ownership – 3 Year Discounted Rate 2.79%

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

Key Information
Next Steps

Loan to Value (LTV)	A variable rate with a 2.20% 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%	2.79%	4.99%	4.7% APRC

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Your home may be repossessed if you do not keep up repayments on your mortgage

Based on a £90,540 mortgage, secured by first charge on your main residential property, repaid on a repayment basis over a 31 year term: 36 monthly payments at a variable rate of 2.79%, (£363.89) £13,100.04. 336 monthly payments at standard variable rate (currently 4.99%), (£468.85) £157,533.60. Valuation fee on property of £118540, payable when you apply £190 (scale applies). 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 £171,358.64.

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.
Repayment method must be capital and interest repayment (not including scheme transfers)
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 £75,000, maximum loan amount £250,000
Other lending criteria may apply – details available on request.

Additional features

No application or completion fee
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).
Option to link to Offset Share account up to 20% of current mortgage balance (terms apply)

Product Code: DISC 036

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.

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