Shared Equity Mortgages
Shared equity schemes have been a feature of the mortgage market for several years and have primarily been offered by house builders, local authorities and as part of government initiatives to help first time buyers onto the property ladder.
Typically, they allow you to combine a small deposit with a lower than average mortgage size by providing you with an ‘equity loan’ that covers a percentage of the property’s value.
You may start to repay the equity loan gradually after a set number of years – or in full, including when you come to sell the property. The value of your equity loan generally fluctuates with the value of your property, and so the amount you will pay depends on the value of the property at the time you repay.
If you’re a first-time buyer, a key worker or are on a low or moderate income and are looking to get on the property ladder find out more about the different schemes that may be suitable for you by contacting us today!
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE
FOR ESTABLISHING YOUR NEEDS, UNDERTAKING RESEARCH AND MAKING A RECOMMENDATION, WE CHARGE A FEE OF £95 ON APPLICATION UP TO £1,295 ON COMPLETION, HOWEVER OUR TYPICAL FEE WILL BE £95 ON APPLICATION AND £595 ON COMPLETION. OUR FEE BECOMES PAYABLE WHEN WE PROVIDE YOU WITH OUR RECOMMENDATION(S).
IF YOU CHOOSE TO PROCEED WITH OUR RECOMMENDATION AND THE MORTGAGE GOES AHEAD, WE WILL ALSO BE PAID COMMISSION FROM THE LENDER FOR ARRANGING THE MORTGAGE ON YOUR BEHALF.
IF YOU APPLY FOR A MORTGAGE THAT DOES NOT GO AHEAD, YOU WILL RECEIVE NO REFUND