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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% mortgages from 3.79%

All options have no up front mortgage fees!

Share to buy is an affinity partner of Britannia and we offer exclusive 90% fee-free mortgages only available through sharetobuy.com with rates starting from 3.79%. These are completely 'normal' mortgages for standard open market purchase, not government schemes, but they are restricted to joint applications by graduates and professionals. There are currently two products:

  • 3.79% lifetime discount for a 10% deposit with no up front fees AT ALL. That means there is no arrangement fee, no administration fee and no standard valuation fee. Most importantly, you are never tied in because there are no early repayment charges, meaning that you could remortgage to another Britannia product or another lender at any time without penalty, and there is no limit to overpayments.  Get an illustration.
  • The 3.79% lifetime discount product is a variable rate which is 0.95% below Britannia's standard variable rate (SVR), currently 4.74%, for the lifetime of the mortgage, giving a current rate payable of 3.79%. The overall cost for comparison is 3.9% APR.
  • Alternatively, we offer a fee-free two year fixed rate of 4.89%, fixed until 30th August 2014. This also comes with no up front fees at all, including a free standard valuation. Early repayment charges apply until 30th August 2014 . Overall cost for comparison is 4.8% APR. If you have at least two applicants who are both graduates or have professional qualifications, download a key facts illustration now showing the full cost of each option (but please also read the criteria summary below).

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 your chosen product.

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' together with the rate of the product on which you want to apply, e.g. 'Britannia Exclusive 3.79%'. 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.

Latest News

Shared ownership properties for sale

16th May 2012

Are you looking for properties for sale through the shared ownership scheme? These are homes where you part buy part rent, meaning that your initial deposit and potentially your monthly payments are somewhat lower than in a normal house purchase. Look no further! We have shared ownership  houses and flats available on the part buy scheme across England. Search our property portal or register for alerts.

Firstbuy shared equity houses in Greater Manchester

16th March 2012

This is your chance to buy a share in a brand new 2, 3 or even 4 bedroom  house and yet own the whole thing from the outset. These lovely houses in Hyde, Manchester are available on the Firstbuy scheme, a Government sponsored shared equity affordable housing scheme that means you can put down a deposit starting from as little as £5,600. More detail here on the 2 bed house, 3 bed house and 4 bed house.

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.

FAQs on First time buyer mortgages UK

1. What mortgage deals for first time buyers does Share to buy offer?

With our Britannia exclusive 90% graduate mortgage we believe that we offer one of the most consistently attractive mortgage first time buyer mortgage rates, not least because it is uniquely also one of the more attractive 90% fee free mortgages. At present we have two fantastic fee-free mortgages: a variable discount and a two year fixed, both for a 10% deposit. The average first time buyer mortgage deposit is naturally going to be lower than other buyers and therefore we have targeted products requiring 5% or 10% mortgage deposits for first time buyers. The 5% products are available through shared ownership and shared equity schemes.

2. Do you have a list of all mortgages rates for first time buyers?

No. We offer our Britannia exclusive on the open market but otherwise customers will need to submit an agreement in principle to see how we can assist. What we can confirm is that our first time buyer mortgage calculators for shared ownership schemes incorporate mortgage rates in estimating potential costs. However, our first time buyer mortgages calculator is purely for part-buy part-rent and you should note that we do not offer advice on mortgages for first time buyers. Customers seeking first time buyer mortgage advice should note that we only offer a non-advised sale and may wish to contact an independent financial adviser.

3. I have heard you need a 25% deposit to buy a house: how easy is it to get a mortgage as a first time buyer?

There are many myths about how difficult it is to find a mortgage as a first time buyer. In fact, there are plenty of mortgage lenders for first time buyers, i.e. lenders offering specific mortgage schemes for first time buyers, including with a 10% deposit. Indeed, as 2012 has progressed there has been an increasing number of products in this category offering more mortgage help for first time buyers. At sharetobuy.com we do not offer a mortgage finder for first time buyer products as such where you can compare first time home buyer mortgage rates but we have our own exclusive 10% deposit no fees mortgage from Britannia which is one of the most competitive 90 percent no fee mortgage products. We also have access to shared ownership deals which have also improved greatly in recent months from a first time buyer perspective, not least with the wider availability of reasonably priced five percent deposit mortgages. These are not Government mortgages for first time buyers but they are relatively competitive mortgage rates for first time home buyers available on Government sponsored schemes (e.g. part buy part rent, FirstBuy). In terms of getting a mortgage as a first time buyer, the relatively low deposits on mortgages for shared ownership, shared equity and Firstbuy means that this may be the easiest way on to the ladder provided applicants fit scheme criteria.

4. Do you have a list of mortgage providers for first time buyers?

No. For first time buyer mortgage quotes from a range of providers customers should submit an agreement in principle application, or if just researching, use our first time home buyer mortgage calculator.

5. Do you have details of no fee mortgage brokers?

Share to buy ltd offers a no fee mortgage broker service for all mortgage applications where the loan is £50,000+ and where the lender is not Co-op or KRBS. We also have low fee and free-free mortgages such as our exclusive 90% Britannia exclusive and other products we can provide from high street lenders which usually include fee free fixed rate mortgages.

6. What is a tracker mortgage and which tracker rate mortgages do you have access to?

A variable tracker mortgage ‘tracks’ a specific interest rate such as the Bank of England base rate. Hence, these types of product are known as interest rate ‘tracker’ mortgages. We are a whole of the market broker and therefore have access to a range of tracker mortgages. This includes our exclusive tracker rate mortgage for graduates from Britannia for a 10 per cent deposit. The exclusive is a life tracker mortgage, full product details here, and generally has one of the most competitive tracker mortgage rates available at 90% but what makes it one of the most keenly priced low deposit tracker mortgage deals is that it is also fees-free (our tracker mortgage is available UK wide). Of course, this may not be the lowest tracker mortgage and you may be looking for alternative features such as an offset tracker mortgage. Thus, for further information on tracker mortgages best rates, or to obtain tracker mortgage advice customers should contact an independent financial adviser, particularly because any mortgage interest rate tracker is variable and may go up or down in future. Please note that we have access to buy to let tracker mortgages but our main area of expertise is shared ownership. Contact us for information on current tracker mortgage rates for shared ownership.

The above information on first time buyer mortgages and fee free mortgages/ no fee mortgages is designed to make your very first property purchase as smooth and straightforward as possible.

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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