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Shared Ownership Properties Shared Ownership Mortgages Getting Started

In association with:

Britannia part of The co-operative bank

Britannia exclusive: 90% fee free discount

3.79% with no fees - and you are never tied in!

Share to buy is an affinity partner of Britannia and we offer an exclusive 90% fee-free mortgage only available through sharetobuy.com with no arrangement fee, no valuation fee and no early repayment charges. Product details:

  • Available up to 90%, a variable rate which is 0.45% below Britannia's standard variable rate (SVR), currently 4.24%, for the lifetime of the mortgage, giving a current rate payable of 3.79%. The overall cost for comparison is 3.9% APR.
  • There are no up-front fees AT ALL- no arrangement fee and no standard valuation fee. Most importantly, you are never tied in because there are no early repayment charges .

What does it mean that this product has 'no early repayment charges'? This means that there is no limit to overpayments, and most importantly, there are no penalties or tie-ins. So, if interest rates stay the same you will benefit from the current low rate, fee-free deal. If interest rates rise, you have the flexible option to switch to a Britannia fixed rate without penalty (or to a deal with any other lender).

Important criteria summary

  • Minimum of two applicants, BOTH of whom must be graduates OR have professional qualifications (e.g. accountancy, law). Armed forces commissioned officers accepted.
  • Available for open market PURCHASE ONLY and both first time buyers and home movers are acceptable. The product is not available for remortgages, second home purchase, buy to let or shared ownership with housing associations.
  • Applicants can be a couple (married or otherwise), friends or family members but ALL applicants, up to a maximum of four, must reside in the property.
  • Other mortgages and properties: if you have any buy to let or other residential mortgages that will remain outstanding, or any other properties that you own which will not be sold, you must put down a 25% deposit rather than the usual 10%-15%.
  • Income multiples: for two applicants 3.75x joint or 4.25 + 1. For groups, 2x all of 3 or 4 incomes or 3.75x the two highest earners.
  • Capital repayment method only. Interest only not accepted.
  • Strictly no adverse credit.
  • Free valuation: this is only on the first property for which you apply, and not subsequent properties should the first fall through; and Britannia reserve the right to charge you for the first valuation if you withdraw from the purchase after the valuation has happened.

How to apply - next steps

If you wish to apply, please read the detailed product criteria and then you can produce your own key facts illustration for the share to buy exclusive.

Once you have downloaded a key facts illustration, if you wish to apply, you should complete an agreement in principle application. You will be asked what product and lender you wish to apply for and you should state 'Britannia exclusive'. On receipt of your agreement in principle application, we will NOT credit score your application but will confirm if it fits the general criteria of this product. If it does, we will approve the case in principle and enable you to submit a full application to Britannia at which point it will be credit checked and assessed by Britannia.

About share to buy

Share to buy is a specialist brokerage dedicated to helping people looking to share their next step on the property ladder. We don't charge any fees and although we are an affinity partner of Britannia we are also able to search the whole of the market.

The Britannia exclusive was first set up as a radical new product taking up to four incomes in to account, thus enabling young professionals to buy in groups of 3 or 4 instead of renting, but the product is also available for 2 applicants buying jointly. To find out more, read about our affinity partnership with Britannia on the Britannia website or read further information about share to buy.

Britannia is a trading name of the Co-operative Bank plc.

Next Steps

Read about the detailed criteria of our product; download a key facts illustration or apply for an agreement in principle on our exclusive fee-free lifetime tracker.

Latest News

100% shared ownership mortgages and great 90% open market deals

20th January 2012

We now have access to 100% shared ownership mortgages. Customers can access zero deposit mortgages for part buy part rent but they must have no adverse credit history. More details here. We have also cut our open market 90% exclusive discount rate with no fees or early repayment charges. Read about our 10% deposit option for young professionals and first time buyers.

Shared ownership 2012

9th January 2012

We look forward to an exciting year for first time buyers in 2012. At Share to buy, we are optimistic that 2012 will bring new products and opportunities in shared ownership and affordable housing. As always, we will reguarly be adding properties tn our shared ownership property website. We also hope to bring forward exciting new mortgages for part buy part rent and open market first time buyer 90% mortgages.

Subscribe to our free e-newsletter updates. These include important updates on changes to our exclusive mortgages, as well as general news about the shared ownership market.

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

Share to buy Ltd is authorised and regulated by the Financial Services Authority.

FSA register number 306800. You can find more detail on our status in our Initial Disclosure Document [109k] and Terms of Business. For further information, contact us or write to: Share to buy, PO Box 37188, London E4 7WY. Registered in England and Wales no: 04909788.

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