| Mortgage Product | Maximum Loan to Value | Initial Rate | Followed by our Standard Variable Rate | The overall cost for comparison | Product Fees | Deposit amount |
|---|---|---|---|---|---|---|
| Shared Ownership – 3 Year Discounted Rate 2.79% | 95% | 2.79% | 4.99% | 4.6% APRC |  |
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Based on a £100,695 mortgage, secured by first charge on your main residential property, repaid on a repayment basis over a 30 year term: 36 monthly payments at a variable rate of 2.79%, (£413.22) £14,875.92. 324 monthly payments at standard variable rate (currently 4.99%), (£528.58) £171,259.92. Valuation fee on property of £113,130, payable when you apply £190 (see scale). 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 £186,860.84. |
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| Shared Ownership – 3.99% Fixed Rate to 30 September 2023 | 95% | 3.99% | 4.99% | 4.8% APRC | |
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| Shared Ownership – 3.59% Fixed Rate to 31 July 2021 | 95% | 3.59% | 4.99% | 4.8% APRC | |
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Shared ownership mortgages are increasingly popular for first-time buyers looking to get on the property ladder. Shared ownership is a way of part-owning, part-renting a property. With shared ownership you can buy a newly built home or an existing one through sale or resale programmes offered by housing associations. You’ll need to take out a mortgage from a lender, such as the Melton, who specialises in this type of lending to pay for your share of the home’s purchase price, or fund this through your savings. Typically, you will only purchase 50% of the property from the housing association, paying a rent to the housing association for the residual element. This can make buying your home more affordable and most housing associations will allow you to “staircase” (i.e. buy a greater share) into eventual full ownership.
