Shared Ownership 2 Year Fixed Rate – for purchase, remortgage or staircasing up to 95% LTV
FIXED RATE of 3.55% until 30/06/2024 then reverting to 3.80% (Suffolk SVR minus 1.74%) until 30/09/27 then changing to Suffolk Standard Variable Rate (currently 5.54%) for the remainder of the term
CHAPS (Fee for transfer of funds to solicitor):
You can see how our fees are calculated by clicking here
Fee free over-payments up to 50% of original loan. Early repayment charge of 3% applies until 30/06/2024.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
For additional information on our mortgages, including outline lending criteria, information on valuation fees and more, take a look at our useful guide.
A mortgage of £116,250.00 payable over 40 years initially on a fixed rate until 30/06/2024 at 3.55%, then on our Standard Variable Rate currently at 5.54% with a discount of 1.74%, giving a pay rate of 3.80% until 30/09/2027 (please note that the rate payable will never fall below 3%). This will be followed by our Standard Variable Rate currently at 5.54% for the remainder of the mortgage term. This would require 26 monthly payments of £453.97, followed by 39 monthly payments of £470.96, followed by 415 monthly payments of £589.01. The total amount payable would be £275,038.85 made up of the loan amount plus interest (£158,459.85), an application fee of £199, a mortgage funds release fee of £35 and a mortgage exit fee of £95. The overall cost for comparison is 5.1% APRC representative.