Affordable housing
We have introduced a range of products specifically designed for your shared equity and shared ownership clients, with incentives tailored to your clients' specific needs.
- A range of 2 & 3 year fixed rates especially for your shared equity and shared ownership clients, with a choice of £250 contribution towards legal fees, a refunded valuation (up to £550), or a combination of both
- Your shared equity clients must provide a 5% personal deposit in addition to any deposit contribution from the builder or housing association.
Example:
Full market valuation - £100,000
Equity share being purchased 75% - £75,000
Client deposit required - £3,750 (5% of £75,000)
More information is available at our affordable housing Q & As.
Benefits for your clients
- Fixed rates - provides your clients with the security their payments will remain the same, so they can manage their budget more easily.
- Help with costs - choose from:
- £250 towards legal fees
- Refund of valuation (up to £550)
- £250 towards legal fees & refund of valuation fee
- Low fees - product fees starting from £499, that can be added to the loan
- High LTV – we can lend up to 95% of the equity share for shared equity customers
Commitments
- All shared equity and shared ownership mortgages will need to be on a repayment basis – assisting your clients in moving to full home ownership more quickly
- Product fee applies. Please see product information.
Risks
Borrowing is secured against your client's home