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Shared Ownership 3 Year Fixed Rate – SX-10P
Exclusively available for existing Shared Ownership borrowers switching to a new deal.
| Key Details | |
| Term | 3 Years |
| Initial Rate1 | 5.75% |
| Overall Cost For Comparison2 | 8.1% APRC |
| MAX LTV3 | 95% of the share owned, 75% property value |
| Early Repayment Charge | 3% in Year 1, 2% in Year 2, 1% in Year 3 |
| Product Fees | None |
Representative Example
A mortgage of £71,927.68 payable over 30 years initially on a fixed rate of 5.75% for 3 years and then on our current standard variable rate of 8.64% for the remaining 27 years would require 36 monthly payments of £419.75 and 324 monthly payments of £550.51.
The total amount payable would be £193,601.24 made up of the loan amount, plus interest and Redemption Administration Fee (£125) totalling £121,673.56.
The overall cost for comparison is 8.1% APRC representative.
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.
Mortgage Intermediaries
01623 676360
Mortgage Product Features
- The Initial Rate is fixed for the first three years, at the end of the three years the Society’s standard variable rate (SVR) will apply
- Maximum loan size £350,000
- A repayment of capital up to a maximum of 10% of the outstanding capital balance will be allowed each calendar year during the product term without incurring an Early Repayment Charge. For more information, see ‘Will I be charged if I repay my mortgage?’ below
- An Early Repayment Charge of 3% will apply if the mortgage is redeemed at any time during the first year, followed by 2% in the second year, and 1% in the third year. The Early Repayment Charge is a percentage of the balance at the point of redemption
- Interest is calculated daily and will be charged up to and including the date of redemption
This product is subject to change or withdrawal without notice
How do I apply?
Full details of how to apply for this product are detailed in the accompanying letter. By switching to a new product, you should be confident that your circumstances haven’t changed as we won’t provide any advice and you won’t benefit from the Financial Conduct Authority rules on assessing suitability.
If your circumstances have changed in any way or if you are unsure of your options and would like advice, you will need to contact a mortgage broker who will act on your behalf. A mortgage broker will assess your financial circumstances and will recommend the most suitable product for you from the range of mortgages available. They will then deal with your product switch directly with us, if you have given them authority to do so.
If you do not have a preferred mortgage broker to act on your behalf, we can pass your details to our trusted partner Mortgage 1st. Email us at producttransfers@mansfieldbs.co.uk or call us on 01623 676345 if you would like to do this. Like most mortgage brokers, fees for advice may apply and these will be discussed with you in advance before you make a commitment to proceed.
If you choose to do nothing, your interest rate will revert to our Standard Variable Rate (currently 8.64%) and your monthly mortgage repayments will increase in line with the revised rate. There are no Early Repayment Charges (ERCs) to leave our Standard Variable Rate and you are free to move to one of our products or remortgage to another lender without penalty.
Will the interest rate change?
The interest rate is fixed for the first three years and if our Standard Variable Rate (SVR) reduces during this time, you will not benefit from any reductions to your monthly mortgage payments. When you come to the end of the fixed rate term, we will write to you again to offer you another new deal and you can either choose to accept this deal, remortgage to another lender, or should you do nothing, revert onto our Standard Variable Rate (SVR). If you revert onto our SVR after the fixed rate term, the interest rate becomes variable and may go up or down.
Will I be charged if I repay my mortgage?
Borrowers can make overpayments between 1 January and 31 December each year during the fixed rate period of up to 10% of the balance as at 1 January of the year in which the overpayment is made without incurring an Early Repayment Charge.
Any lump sum payments or regular overpayments received in a single calendar year, which in total exceed 10% of the balance on 1 January in the calendar year in which the overpayment is made, will incur an Early Repayment Charge on the amount of the excess. The Early Repayment Charge is a percentage fee of your current balance.
Any Early Repayment Charge will be waived if a new consecutive mortgage for at least the amount outstanding at the time of redemption is taken out with us. If a new mortgage for at least the amount outstanding at the time of redemption is taken out with us within 3 months of full repayment then any early repayment charge will be refunded.
Definitions
1 The Initial Rate is the rate available during the initial term of the mortgage. Once the initial rate term has expired, the mortgage will either revert to our Standard Variable Rate (SVR), or a follow-on rate that is a discount off our SVR.
Our SVR is set by us and is currently 8.64%, as a variable rate it may go up or down. Our follow-on rate is 1.74% below our SVR (currently 6.90% variable) and will go up or down with changes to our SVR.
2. The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage. The APRC is intended to help you as a borrower compare the interest rates on different products.
3. Like all other mortgage lenders, we will allow you to borrow against a proportion of the overall property value. This is known as Loan to Value (LTV) and is expressed as a percentage. For example, if you want to purchase a property at £100,000 and you would like to borrow £85,000, then you will need a mortgage available at 85% Loan to Value (LTV). The available LTV can vary depending upon the type of mortgage.
Shared Ownership mortgages will offer two percentages under LTV – the proportion of the property value and the proportion of the share being purchased.
Your home may be repossessed if you do not keep up repayments on your mortgage
The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049. Member of the Building Societies Association.
Date printed: 23/11/2024 10:21:16 am
Page last updated: 10/09/2024 04:43:11 pm
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