Shared ownership mortgages allow you to buy a share of the property and pay rent on the remaining portion, usually to a housing association, when property is not affordable to purchase outright. Should affordability allow, individuals can gradually increase towards full ownership over time, a process known as staircasing.
Our shared ownership mortgages are available on qualifying properties across England and Wales with pre-approved housing associations registered with the Homes and Communities Agency or Help to Buy Wales Ltd.
All mortgage applications are assessed on a case by case basis by our mortgage team without the use of automated credit scoring systems.
| Term | Until 31 March 2030 |
| Initial Rate1 | 5.49% |
| Overall Cost For Comparison2 | 6.6% APRC |
| MAX LTV3 | 95% of the share being purchased, 75% property value |
| Early Repayment Charge | 3% until 31 March 2028, 2% until 31 March 2029, 1% until 31 March 2030 |
| Product Fees | None |
A mortgage of £86,685.00 payable over 30 years initially on a fixed rate of 5.49% until 31 March 2030 then on our follow-on rate of a 1.74% discount off our standard variable rate (currently 8.64%) giving a rate of 6.90% variable for the remaining 24 years 8 months would require 63 monthly payments of £492.18 and 296 monthly payments of £561.10; plus one initial interest payment of £403.09.
The total amount payable would be £198,251.03 made up of the loan amount, plus interest and fee(s) totalling £111,566.03. This includes Legal Fees (£350), Chaps Fee (£25) and Redemption Administration Fee (£125).
A representative example is designed to help understanding of the typical cost of this mortgage. This is not an illustration and is only provided as an example.
| Term | 2 years |
| Initial Rate1 | 5.99% |
| Overall Cost For Comparison2 | 7.0% APRC |
| MAX LTV3 | 95% of the share being purchased, 75% property value |
| Early Repayment Charge | 2% in Year 1, 1% in Year 2 |
| Product Fees | None |
A mortgage of £101,412.00 payable over 26 years initially on a fixed rate of 5.99% for 2 years then on our follow-on rate of a 1.74% discount off our standard variable rate (currently 8.64%) giving a rate of 6.90% variable for the remaining 24 years would require 23 monthly payments of £642.86 and 288 monthly payments of £697.89; plus one initial interest payment of £497.92.
The total amount payable would be £216,776.02 made up of the loan amount, plus interest and fee(s) totalling £115,364.02. This includes Legal Fees (£350), Chaps Fee (£25) and Redemption Administration Fee (£125).
A representative example is designed to help understanding of the typical cost of this mortgage. This is not an illustration and is only provided as an example.
Your home may be repossessed if you do not keep up repayments on your mortgage
*Mansfield Building Society are an introducer to Mortgage 1st for mortgage advice. Mortgage 1st is a trading style of Mortgage First Limited, which is an appointed representative of Stonebridge Mortgage Solutions Ltd, and is authorised and regulated by the Financial Conduct Authority. Mortgage 1st Limited is on the Financial Services Register under firm number 484231.
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