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Shared Ownership 3 Year Discount with 20% deposit - Remortgage only

With a Shared Ownership mortgage, you can buy a share of the property and pay rent on the rest. Then, over time, you can buy more shares, until you own your own home completely. This product is a Shared Ownership mortgage that asks you to pay a 20% deposit, based on your share. For more information on Shared Ownership, please refer to our Mortgages Explained leaflet

Shared Ownership 3 Year Discount with 20% deposit - Remortgage only

Key Features

Product Initial Interest
Rate
Period Max
LTV
Fees
Shared Ownership 3 Year Discount with 20% deposit - Remortgage only 3.64% Variable  (Our SVR with a 0.56% discount) 3 Years 80%
Remortgage: £200

A mortgage of £104,500 payable over 25 years initially on our standard variable rate, currently 4.2% with a discount of 0.56% for 36 months giving a current rate payable of 3.64% and then on our standard variable rate, currently 4.2% for the remaining 22 years would require 36 monthly payments of £531.03 and 264 monthly payments of £559.89 plus one initial interest payment of £114.64.

The total amount payable would be £167,357.68 made up of the loan amount plus interest of £62,542.68, an application fee of £200 and a MEAF of £115.

The overall cost for comparison is 4.2% APRC representative.

* Rates above are based on a purchase share of the property between 25% and 75% and a deposit of at least 20%. The actual rate will depend on your circumstances. Ask for a personalised illustration.

Minimum share of property being purchased:

25%

Minimum deposit from applicant as a % of the share of the property being purchased:

20%

Is an Early Repayment Charge (ERC) payable?:

  • No Early Repayment Charge (ERC) applicable.

Fees:

Application Fee: £200

Mortgage Exit Administration Fee (MEAF): £115

Standard mortgage valuation fee:

Newbury Building Society will pay for one standard valuation. 

WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

THE LOAN WILL BE SECURED ON YOUR HOME.

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Please note
You can use our mortgage calculator to find out how much your initial monthly mortgage repayments are likely to be. This can help you estimate the size of mortgage you can afford at a particular interest rate. It is important to remember that the figures are only a guide; the exact cost will depend on the particular mortgage you have. Newbury Building Society will provide those figures as part of your Key Facts® documentation.

How to apply
Please contact us to arrange an appointment with one of our qualified mortgage advisers where you will be provided with your Key Facts® documentation:

Telephone: 01635 555777

Click here to find your nearest branch

THIS INFORMATION DOES NOT CONTAIN ALL OF THE DETAILS YOU NEED TO CHOOSE A MORTGAGE.

MAKE SURE THAT YOU READ THE SEPARATE KEY FACTS ILLUSTRATION BEFORE YOU MAKE A DECISION.

Additional Information

Availability 
Properties must be located in the following postcode areas; AL, BA, BH, BN, BR, BS, CB, CM, CO, CR, CT, DA, DT, EN, EX, GL, GU, HA, HP, HR, IG, IP, KT, LU, ME, MK, NN, OX, PL, PO, RM, RG, RH, SG, SL, SM, SN, SP, SO, SS, TA, TN, TQ, TR, TW, UB, WD and WR. Products are available to those remortgaging their residential home, on a shared ownership basis, subject to product terms. The mortgage term must be between 5 and 35 years. The mortgage must be on a capital and interest repayment basis. Minimum property value of £125,000.

Also available for existing borrowers to transfer their existing mortgage into, subject to payment of any ERCs that apply on their current mortgage and for existing borrowers moving house.

Loan size:

£50,000 (Min) - £300,000 (Max)

Interest
Mortgage interest is charged on a daily basis.

Legal costs 
Legal work is required when remortgaging your home. This is carried out by a solicitor and is payable by you.  We can use the same solicitors as you, providing there is a minimum of four Approved Managers/License Holders and they are registered on The Law Society website (www.lawsociety.org.uk).

Licensed conveyancers are also acceptable for residential business only. The conveyancer must be registered with the Council of Licensed Conveyancers and be in a firm with at least four Approved Managers/License Holders.

Incentives 

  • Free valuation
  • No booking fee
  • No Early Repayment Charge
  • Portable

We will carry out a standard mortgage valuation at our cost, providing the mortgage completes. If the mortgage does not complete and the valuation has been carried out, you are responsible for paying it. Where the valuation fee is payable, our normal scale of valuation fees apply. You can upgrade to a Home Buyers report if you wish and if you would prefer a full building survey, we can give you the names of some local surveyors who can organise this for you.

If an existing borrower who is not moving house would like a revaluation carried out to assess which LTV tier they qualify for they will be required to pay a revaluation fee (see our Mortgages explained booklet for details).

Fees
Application fees can be added to the mortgage and are refundable if the mortgage does not take place. If you add the application fee to your mortgage, this increases the amount you borrow and will also increase your monthly payments.

A Mortgage Exit Administration Fee (MEAF) applies when you repay your mortgage. Please see our Tariff of charges leaflet and your Key Facts Illustration (KFI) for details.

Share of property
Your share of the property must be between 25% and 75% of the purchase price or valuation (the lower of the two). You can borrow up to 80% of your share on this product.

Timescales 
Remortgages must complete within three months from the date the application is received.

Portability 
All our mortgages are portable, which means that if you move house within an early repayment charge period the product can be transferred to your new mortgage, up to the value of the product outstanding at redemption, without charge. If the loan amount on your new mortgage is lower, there may be a charge based on the difference between the old and the new loan amount. 

Other charges
A Mortgage Exit Administration Fee (MEAF) applies when you repay your mortgage. Please see our Tariff of charges leaflet and your Key Facts Illustration (KFI) for details. Charges applying to the ongoing administration of your mortgage are detailed in our Tariff of charges PDF, which you will be given before your mortgage completes. 

WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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Newbury Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number 206077). Registered office: Newbury Building Society, 17 Bartholomew Street, Newbury, Berkshire, RG14 5LY.

English law applies and we will communicate with you in English. We are participants of the Financial Ombudsman Service. We have a complaints procedure which we will provide on request. Most complaints that we cannot resolve can be referred to the Financial Ombudsman Service.

You can check the Financial Services register on the FCA's website.

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Speak to one of our expert advisers on
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Name:
Phone:
Email:
Reason for Call Back: Existing Mortgage   New Mortgage  
Local Branch:
Preferred Day to Call:
Preferred Time of Day:
On Saturdays we are only able to call in the morning due to branch opening times.

We will only use these details for the reasons requested.
 
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