Shared ownership

Shared Ownership properties are designed to provide affordable housing for people who cannot afford to buy a home outright.

You can get a shared ownership home through a housing association. You buy a share of your home (between 25% and 75%) and pay rent on the rest. This allows you to get on the property ladder and become an owner occupier, which provides long term stability and security without overstretching your budget.  You have the option to buy a bigger share in the property at a later date. 

We require a minimum share of 30% to be purchased and that the lease allows you to purchase additional shares right up to 100% of the ownership.

Most of the homes available are newly built, but some are properties being re-sold by housing associations.  All shared ownership homes in England are offered on a leasehold only basis.

Product Name

The overall cost for
comparison is:

Rate structure based on our Standard
Variable Rate




Early Repayment Charges

2 year Shared Ownership Fixed Rate 3.79%

5.4% APRC

3.79% Fixed for 2 years followed by Standard Variable Rate (SVR), currently 5.44%.

Purchase & Remortgage up to 95%* Loan To Value (LTV). Minimum 5% deposit required.

*London Purchase & Remortgage up to 75% Loan To Value (LTV). Minimum 25% deposit required.

Overpayments up to 20% of the capital balance as at 1st January are allowed in each calendar year without penalty. Portable.

  • Adminstration
    Fee £125  

  • Valuation Fee (scale)

  • Completion Fee £75.

3% in year 1, 2% in year 2, plus a Closing Administration Fee (currently £100).

An example: A mortgage of £118,000 taken out for a period of 30 years on a repayment basis.

Monthly instalments: £549.98 per month for 23 months, followed by £662.44 per month for 336 months.

Total amount payable: £235,909.38.

Total amount of credit: £118,000.

The total amount payable includes valuation fee £230, administration fee £125, closing fee £100 and completion fee £75.

This example relates to Product Code RDF007, is based on a typical mortgage and assumes that fees are not added to the mortgage. Please ask for a personalised illustration for your own particular requirements.


Residential Lending Criteria and Information


Size: Minimum £50,000, Maximum £500,000.
Term: Minimum 5 years, Maximum 40 years.


Minimum Value: £100,000.

Must be in England or Wales.


Age: Minimum 18, no maximum subject to income in retirement.


Household income must be at least £20,000.

No minimum period of employment, but must have passed probation, or have 3 years self-employment history

The amount we will lend will depend on the value of the property and a calculation based on income and expenditure. As a guide, we will take gross annual income and then apply a deduction for the annual amount paid towards any existing debts or other financial commitments. We apply the following multipliers to the amount remaining:

Income After Deductions

Sole Borrower

Joint Borrowers




Over £50,001



These multiples are for guidance only and do not guarantee that we will lend the amount indicated. We will carry out a full assessment of your income and expenditure to ensure that you can afford your mortgage both now and in the future.


We take a flexible approach to underwriting and will consider each case on its merits. We do not credit score. The actual rate and APRC for your case will depend on your circumstances and our assessment of the risk.

Please contact the Mortgage Sales team to discuss your requirements by calling us on 01225 475737 or by email at

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