5 Year Fixed Rate Shared Ownership Mortgage

Your home may be repossessed if you do not keep up repayments on your mortgage.

5 Year Fixed Rate Shared Ownership Mortgage (85% LTV) No Fee for Purchases & Remortgages

Our Fixed Rate Shared Ownership mortgage is available up to 85% LTV of the borrower share. Skipton Shared Ownership mortgages are available for properties bought with an initial borrower share between 25% and 75% in England or Wales.

With a fixed rate mortgage, you'll be protected from interest rate increases during the fixed term, but won't benefit from a fall in interest rates.

The minimum loan amount is £25,000 up to a maximum of £625,000.

For further details, consult www.helptobuy.gov.uk/shared-ownership for full scheme rules and eligibility criteria.

The interest rates quoted include a 0.25% Direct Debit discount.

Please be aware our mortgage products can be withdrawn without notice.

Initial interest Rate 3.09% Fixed until 31/12/2025
Then changing to Not Applicable
For the remainder of the term of the mortgage, changing to our RMVR currently 4.64% variable
The overall cost for comparison is 4.1% APRC
Early repayment charge [2] 5% until 31 December 2021,
5% until 31 December 2022,
4% until 31 December 2023,
3% until 31 December 2024,
2% until 31 December 2025
Overpayments allowed (without an early repayment charge) [3] Yes, up to 10% of original loan each year until 31/12/2025
Application fee [4] £0
Completion fee [4] £0
Notes This product may be portable. No charge for a standard mortgage valuation. Free standard legal fees for remortgages, except on Additional Borrowing applications where the property is already mortgaged to Skipton.
The APRC is calculated based on the following: A repayment mortgage of £80,000 payable over 27 years 6 months initially on a rate fixed until 31/12/2025 at 3.09% and then our RMVR variable rate currently 4.64% for the remaining term would require 60 monthly payments of £359.76 and 269 monthly payments of £417.74 followed by a final payment of £216.05. The total amount payable would be £134,173.71 made up of the loan amount plus interest, CHAPS fee of £6. The interest rates quoted include a 0.25% Direct Debit discount.

APRC - Annual Percentage Rate of Charge

An indicative guide to help you compare the cost of different mortgage deals, taking account of interest rates payable (both during the initial product period and after) and fees.

BoEBR - Bank of England Base Rate

The interest rate at which the Bank of England will lend to the UK banking sector. Set by the Bank’s Monetary Policy Committee (MPC). Also sometimes referred to as the Bank Base Rate (BBR).

DIP - Decision in Principle

A means of collecting key information from prospective borrowers to provide an indication as to whether the Society can accommodate their mortgage needs.

MIL - Mortgage Illustration

A document which must be provided by all mortgage lenders to prospective customers before a mortgage application is submitted. This includes details of rate payments, fees, charges and features.

LTV - Loan-to-Value

The amount of a mortgage loan expressed as a percentage of the value of the property against which the loan will be secured.

RMVR - Residential Mortgage Variable Rate

RMVR was introduced on 14 November 2012. This is the variable rate we normally apply after one of our product incentive deals ends. It is a different interest rate to the Society’s Residential Standard Variable Rate (RSVR), although both are set by the Society. These two interest rates may change by different amounts and at different times. The RMVR does not have any ceiling.

Please see our Mortgages jargon buster for further assistance with mortgage terminology.

  1. The maximum loan size available may vary subject to other lending criteria (as well as affordability), which will be assessed during your application. Further information is available from our mortgage team, you can call them on 0345 850 1755
  2. Where no Early Repayment Charge (ERC) applies or the ERC period has expired, unlimited overpayments can be made.
  3. Where applicable, the 10% overpayment allowance is per annum and cannot be rolled over. For full details please see your Mortgage Illustration/offer.
  4. Any fees payable at application are non-refundable.
  5. Please note, where separate interest rates apply for different Loan to Values (LTVs), a change in the property valuation or loan required may mean you are ineligible for the rate you originally applied for. In this instance you will be advised of the change and asked if you still wish to proceed with your application.
  6. For mortgages that include free standard legal fees, there may be some additional legal costs payable where the remortgage is above £1 million. For further information please visit our Remortgage Conveyancing Service page.
  7. We won’t charge you for valuing your property for mortgage purposes where the property is worth less than £1.5 million. This is for mortgage purposes only and is limited to one application per applicant(s). Should you require a Homebuyers Report or a Building Survey you will need to arrange and pay for this separately. For further information please visit our Valuing Your Property page.
  8. The product shown is available from Skipton through our Skipton Direct team. There may be other products available through intermediaries.
  9. Monthly payments must be paid in advance by Direct Debit on the 1st of each month. The interest rates quoted include a 0.25% Direct Debit discount. If the Direct Debit is cancelled, the discount will be removed.
  10. All Shared Ownership mortgages are subject to lending criteria, valuation, underwriter approval and Housing Association approval. You must be 18 or over to apply for a mortgage.
  11. A floor applies to all discounted and tracker products. If a floor is not shown for a particular product, the floor is 0% i.e. no pay rate will ever be less than 0%.
  12. The applicant is responsible for any fees payable to the Housing Association. Certain other fees may apply after the mortgage is taken out depending upon your circumstances. See our Tariff of Mortgage Charges
  13. Our Shared Ownership mortgage products are only available as repayment mortgages. This means that you will pay back capital as well as interest over the term of the mortgage.
More Details

Benefits of a Skipton Mortgage

When you take out a mortgage, you might appreciate some support on your journey. For this reason, we provide the following benefits.

  • Daily interest - by calculating the interest you pay on a daily basis, we may be able to help you save thousands of pounds over the life of your mortgage.
  • Overpayments up to 10% per year without charge even on products that come with an Early Repayment Charge (ERC) – this option could allow you to pay your mortgage off earlier than planned, potentially saving you thousands of pounds in interest. Some products may allow unlimited overpayments.
  • Payment holidays - if you've made overpayments and are eligible, we offer payment holidays, giving you a break from mortgage payments for up to three consecutive months.
  • Mix and match - if you can't decide which product is best for you, or you'd like a combination of products, your mortgage adviser may be able to recommend a combination of products to suit your personal requirements. In such cases, the highest product fee of those chosen will apply.
  • We won’t charge you for valuing your property for mortgage purposes where the property is worth less than £1.5 million.
  • Free standard legal costs for some products if you're remortgaging.
  • Cashback following completion for some products.
  • Portability - Your mortgage product may be portable. This means that subject to lending criteria, you may be able to transfer the mortgage balance to a new property with Skipton without paying an ERC (unless you are reducing your balance). Your original mortgage terms will remain.
  • Personal Adviser - you will receive your own dedicated mortgage adviser to offer help, information and advice. Buy-to-let applicants will receive all the help and information they need to make a decision about their mortgage.
  • Protection - we offer both buildings and contents insurance to protect your home and its contents which can only be put in place for properties which are complete. Visit our Home Insurance page for more information. For new builds, you may need to have property in the course of construction' insurance in place from exchange of contracts. Your conveyancer will advise you if this is the case.
  • Additional borrowing – if you want to increase your mortgage in the future, we offer the option of additional borrowing on some products, subject to affordability, Loan to Value and other lending criteria.

Start your application

You will need a Decision in Principle (DIP)

It only takes 10 minutes

Takes under 10 minutes

Provide us with your details and we'll quickly let you know how much you could potentially borrow.

It lasts for 30 days

It lasts for 30 days

You'll have 30 days to submit a full mortgage application without having to repeat the DIP.

It doesn't affect your credit rating

It doesn't affect your credit rating

We will carry out a 'soft' credit check which won't affect your credit score

What you'll need to know:

Your income:

  • Salary
  • Bonuses
  • Overtime
  • Benefits
  • If you’re self-employed - last 2 years of accounts or Accountant's Certificate and net profit
  • For limited companies - amount of dividends and remuneration
  • If you’re a contractor please quote your annual salary as your daily rate x 5 x 48 weeks as employed income, rather than self-employed income.

Your outgoings:

  • Loans
  • Credit Cards
  • Existing mortgage payments
  • Spending

How to get a DIP

Please chat to us via webchat or call us on 0345 607 9825

Important information: We will use the information obtained from the credit check to undertake an automated assessment of your ability to afford the mortgage. Where we assess it is not affordable, your application may be rejected without being manually assessed by the Society. If the information you provide in the Affordability Calculator indicates that we might be able to lend to you, we will then carry out a soft credit check, which means our check won't affect your credit score.

Your home may be repossessed if you do not keep up repayments on your mortgage.
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