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Shared Ownership 2 Year Discounted Variable Rate Mortgage
Take advantage of a discount for 2 years
Fees
Based on the information you've provided the fees you would have to pay are:
£ application fee
which is payable at the time of application and is non-refundable
There are no completion fees to pay
£ product switch fee
which can be paid upfront or added to the loan (if added to the loan we'll charge interest on the fee during the term of the loan)
£ Further advance 'completion' fee
which can be paid upfront or added to the loan (if added to the loan we'll charge interest on the fee during the term of the loan)
A valuation isn't normally required for a product switch.
If you want to do more than a product switch, like change your LTV it might be best to have a new valuation, take a look at our guide for more information.
When borrowing additional funds you may require a revaluation if the value of your property has changed since you originally took your mortgage out with us.If substantial changes have been made to your property you may require a full standard valuation, take a look at our guide for more information.
We will pay for a standard valuation. There are other types of valuations available, for more information on these, why we need a valuation and what we use it for take a look at our guide
We will pay for a standard valuation. There are other types of valuations available, for more information on these, why we need a valuation and what we use it for take a look at our guide
Early repayment charges
These are the charges that will apply to your mortgage if you want to overpay or repay early.
Can I make overpayments?
With these mortgages you’re able to make unlimited overpayments without incurring any early repayment charges. Any extra monthly payments or lump sum payments you wish to make will be classed as overpayments and can be paid by standing order, cash, cheque or transfer. Debit card payments can also be made over the phone or in branch. When you make an overpayment your account is credited for the sum received, and your balance adjusted.
Any overpayment you make will be deducted from your balance on the same day and your interest adjusted – allowing you to benefit immediately.
By making extra payments to reduce your balance, the daily interest charged to the loan will also reduce, which will mean that you can repay the loan more quickly.
What if I want to repay early?
There are no early repayment charges on our 2 Year Discounted Rate Mortgage.
What if I want to move home?
If you move house during the discounted rate term you may transfer the balance and remaining term of the discounted mortgage to your next home, without penalty. These requests will be subject to our underwriting criteria and the terms can't be extended to any further borrowing if the product has been withdrawn.
What happens at the end of my discounted rate deal?
At the end of the discounted rate term, your mortgage will revert to our Cambridge Variable Mortgage and you’ll pay our Standard Variable Rate for the remainder of the mortgage term. You’ll still be able to make as many overpayments as you like without incurring any early repayment charges. We’ll write to you when your discounted rate comes to an end to provide you with details of our Cambridge Variable Mortgage.
Eligibility
We offer Shared Ownership mortgages on properties located in England and Wales with a minimum share of 25% ownership of the property, and a maximum of 75%. Arrangements must be through a registered Housing Association, and the property’s lease must contain a mortgage protection clause.
Before we agree your mortgage we’ll need to establish that you can afford to meet the monthly payment.
The Shared Ownership 2 Year Discounted Variable Rate Mortgage is available for purchase, remortgage, product switch and additional borrowing.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
What‘s next?
You can book an appointment with one of our mortgage advisers, or if you‘ve just got some initial questions you can request a call back from our contact centre team.
We will only use the information you have provided for the purpose of your mortgage enquiry.