Choosing a Shared Ownership property could help you onto the property ladder sooner. And with that big hurdle out of the way, we don’t think your employment or credit circumstances should automatically prevent you from securing a mortgage.
Fortunately, other lenders’ red flags are our green lights. You can choose for your mortgages to last for a range of terms, to help make your monthly payments more affordable. Plus, if you ever decide you want to increase the share of your home that you own, we can look at options to extend your borrowing. Remember, you'll have rental payments as well as monthly mortgage repayments to maintain.
Do you want to quickly understand the potential cost of your mortgage?
We can give you an idea of the monthly costs with just a few details like the property value, your deposit amount and how long you need the loan to last.
Calculate costsWe're a specialist lender. We exist to help people who would likely be turned down by mainstream lenders. Perhaps it's your employment status, your credit history, or the property itself that doesn't fit neatly into the big names' tickboxes.
Whatever it is, we'll look at your application and use our common sense – not computers – to make the final decision about whether we can lend to you.
The rate you're offered may be influenced by several factors, including:
When you apply for a mortgage, you’ll need to go through our application process and provide certain documents so we can get a clear picture of your circumstances and what you can afford to borrow.
To help you prepare any documents required we've pulled together a mortgage application checklist so you can move quickly and smoothly when the time comes.
Mortgage application checklistWe charge an Arrangement Fee, and we charge a Redemption Administration Fee when you 'redeem' (i.e. full repay) your mortgage, to cover costs associated with closing your account and dispensing our legal claim to your property.
These fees can vary, so we'll ensure that the fees that apply to your particular mortgage are clearly explained before you sign on the dotted line.
Other fees and charges may be applied to your account during the life of your loan, in relation to the management of your account (for instance, if you fall behind on your monthly payments). These are all explained in our Tariff of Charges.
For example: A mortgage of £153,000 payable over 8 years, initially on a fixed rate for 5 years at 8.35% (and then on a tracker rate for the remaining 3 years at 1.8% above the Together Homeowner Managed Rate (THMR)) would require 60 instalments of £2,211.63 followed by 36 monthly payments of £2,210.00 plus a redemption administration fee of £110.00. Read more information on THMR.
The total amount payable would be £212,367.80 made up of the loan amount (£153,000) plus interest on the loan (£57,313.13), arrangement fee (£1,495) plus interest on this fee (£559.67) and the redemption administration fee (£110.00).
The overall cost for comparison is 9.0% APRC representative.
The actual rate available will depend upon your circumstances. Ask us for a personalised illustration.
