Shared Ownership 5 Year Fixed Mortgage FR401

This fixed rate shared ownership mortgage is available up to 95% Loan to Share and our five year fixed rate mortgage allows your client to plan their finances safe in the knowledge that their repayments will not be affected by changes in the interest rates until 30.06.2026. 

If your client pays off their mortgage during this time, they will pay an early repayment charge of the following tariffs:

5% of the outstanding balance

Before 30th June 2023

4% of the outstanding balance

Before 30th June 2024

3% of the outstanding balance

Before 30th June 2025

2% of the outstanding balance

Before 30th June 2026


Interest Rate
4.19% fixed until 30.06.2026
For the remainder of the term of the mortgage, changing to our SVR currently
5.3% and remaining on standard variable rate terms for the rest of the mortgage
Overall cost for comparison
4.9% APRC
Fees
£0 Product fee
£120 Account Fee
Key features

£0 Product Fee.

£120 Account Fee.

Capital Repayment basis only.

The Society will cover the legal costs for remortgages using a firm on their panel of conveyancers (England & Wales only).

One lump-sum repayment of up to 10% within the fixed rate period.

Up to 71% LTV (including any fees added).

Up to 95% Loan to Share.

Incentives

There is no product fee with this product.

Insurance

No compulsory insurances.

Eligibility

•    Landlord must be an approved registered provider of social housing
•    Model lease must be in place
•    Maximum 95% loan to share
•    Minimum loan £22k
•    Maximum loan £400k
•    Minimum property value £100k
•    Capital repayment basis only
•    Maximum 2 applicants
•    Standard credit history criteria accepted only

Higher lending charge
Not applicable.
Capital repayments
One lump-sum repayment of 10% allowed within the fixed rate period.
Early repayment charge
5% of the outstanding balance before 30th June 2023 / 4% of the outstanding balance before 30th June 2024 / 3% of the outstanding balance before 30th June 2025 / 2% of the outstanding balance before 30th June 2026
Portable
No
Notes

Please note the product is not portable.

Possession Undertaking Letter must be completed by conveyancer prior to completion, see Conveyancing Instructions above.

Darlington Building Society are required to provide you with Standard Information which is a representative of the current mortgage, which is set out below:


Requirement
Society Example
The total amount of the credit
£120,000
Duration of the contract
21 Years
The duration of the fixed period
5 Years and 4 Months
The initial fixed rate
4.19%
The amount of the fixed rate instalments
£717.52
The number of the fixed instalments
64
The frequency of the fixed instalments
Monthly
Our Standard Variable Rate (SVR)
5.3%
The duration of the SVR period
15 Years and 8 Months
The frequency of the SVR instalments
Monthly
The amount of SVR instalments
£774.53
The total amount payable
£191,622.92
The total amount of interest payable
£71,413.39
Mortgage exit fee
£90
Product fee
£0
Account fee
£120
The overall cost for comparison
4.9% APRC
Representative example summary

If all or part of your income is in a currency other than Pound Sterling (£), you should be aware about the risks of fluctuations in currency exchange rates. If the value of the relevant currency moves against you by at least 20% then that may make it more difficult for you to afford your mortgage payments.

The Representative Example is based on mortgages sold between 01/01/2018 – 31/12/2018 and if you were to take your mortgage product as at 01/04/2021.

All above information is for illustration purposes only and may vary depending on personal circumstances.

Want to speak to a mortgage advisor?

Sometimes it's easier to discuss things face-to-face. Contact our team of mortgage advisors today, our advice is free and we will discuss your options with you.

Call us on:

01325 741035


Or email us at
mortgagedirect@darlington.co.uk

Our staff are available between:

9am and 5pm Monday to Friday