Shared ownership remortgage 2 year discount 95% LTV

Shared ownership remortgage 2 year discount 95% LTV

Shared Ownership allows borrowers to purchase part of a property, while renting the other part. Your client will buy a share of between 25%-75% of a property and pay rent to a Housing Association landlord on the rest.

At the Tipton, we will consider lending up to 95% of the share your client is buying. We will only consider applications where the Housing Association will allow them to buy more shares in the property, up to 100% of the property value (this is known as ''staircasing''). We will only consider applications in England and require the lease on the property to have a minimum of 85 years remaining at the point of your application.

Free standard valuation: We will contribute up to £350 towards the cost of a valuation. To see our valuation fees, please click here.

Legal fees cashback: Your client will receive £250 cashback from the society towards their legal costs.

There is an arrangement fee of £999.00. This fee can be taken off the mortgage amount, or your client can add the fee to the amount borrowed. If they choose to add the arrangement fee to their mortgage they will pay interest on the fee at the same rate as their mortgage. If they choose to take the arrangement fee off the mortgage, this will be deducted from the amount they borrow and so, they will need to pay the arrangement fee to their solicitor at completion.

There is a minimum mortgage amount of £50,000.00.

This product has a maximum mortgage amount of £1,000,000.00.

We have a minimum property value of £100,000 which increases to £250,000 for properties located within the M25 corridor.

The maximum loan to value is 95%.

The interest rate is floored which means that the rate cannot fall below 5.19%.

The minimum repayment term is 5 years and the maximum repayment term is 40 years. Maximum term will depend upon individual circumstances, for example applicant age and leasehold property restrictions.

Early Repayment Charges apply during the product term. Your client can overpay up to 10% of the original mortgage amount each calendar year without charge. However, if the overpayment exceeds 10%, the mortgage is repaid in full, or switched to another product before the end of the product term then the full amount of the Early Repayment Charge will apply.

The Early Repayment Charge will be calculated at:

• 3% of the amount repaid until 28 February 2025; and
• 2% of the amount repaid until 28 February 2027.

The mortgage tariff of charges details the various fees and charges that may apply during the term of your client's mortgage. To view these, please click here.