The Mansfield Building Society

Shared Ownership Mortgages

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 individually underwritten on a case by case basis by our mortgage team without the use of automated credit scoring.

Shared ownership mortgages allow you 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.

Read More
 
Mortgage Product Term Initial Rate1 Overall Cost for Comparison2 Max LTV3 Early Repayment Charge Product Fees
Shared Ownership 2 Year Discounted Rate - SO-014
More Information
2 years Currently 3.64% 5.3% APRC 95% of the share being purchased, 75% property value 2% £199 application fee
Shared Ownership 2 Year Fixed Rate - SX-008
More Information
2 years 4.49% 5.4% APRC 95% of the share being purchased, 75% property value 2% £199 application fee
Shared Ownership 5 year fixed rate - SX-009
More Information
5 years 4.75% 5.3% APRC 95% of the share being purchased, 75% property value 3% None
Shared Ownership 3 Year Discounted Rate - SO-015
More Information
3 years Currently 3.99% 5.2% APRC 95% of the share being purchased, 75% property value 3% £199 application fee
Shared Ownership 2 Year Fixed Rate House Purchase Only SX-007
More Information
2 years 4.99% 5.5% APRC 95% of the share being purchased, 75% property value 2% £199 application fee
Shared Ownership 2 Year Discounted Rate House Purchase Only - SO-011
More Information
2 years Currently 4.24% 5.4% APRC 95% of the share being purchased, 75% property value 2% £199 application fee

Representative Example

A mortgage of £62,700 payable over 35 years initially on a fixed rate of 4.99% for 2 years and then on our current standard variable rate of 5.34% for the remaining 33 years would require 23 monthly payments of £316.32 and 396 monthly payments of £330.93 plus one initial interest payment of £68.57. 

The total amount payable would be £139,285.21 made up of the loan amount, plus interest and fee(s) totalling £76,585.21. This includes Application Fee (£199), Valuation Fee (£169), Legal Fees (£350), Chaps Fee (£25) and Redemption Administration Fee (£150).

The overall cost for comparison is 5.5% APRC representative.

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

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 revert to our Standard Variable Rate (SVR).

Our SVR is set by us and is currently 5.34%, as a variable rate it may go up or down.

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.


Date printed: 12 December, 2017 19:42


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.