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Shared Equity Mortgages
There are also options for the shared equity scheme to be utilised towards an “open market” property meaning you are not restricted to housing association or new build properties. This further enhances your options when considering which property to go for.
Usually, you only need to have a small deposit and a mortgage for the remainder. The government will then have security over the remaining portion. You typically don’t have to pay interest on the part owned by the government and you will be required to repay this when the property is sold. One advantage of buying a shared equity home is that you can increase the stake in your property after a set period, for instance, if your financial power improves.
This may mean you start off with a low stake in the property and then increase year on year until you own the property outright. Commonly known as Staircasing.
This can be useful as you wont need such a high mortgage when looking at a property, therefore you can allow for more choice.
In terms of your borrowing power, we can help you work this out and look across the market for the most suitable shared equity mortgage whilst advising you how much you can afford to really get the process moving forward.
For more information on shared equity and to find out what our mortgage experts can do for you, give one of our friendly mortgage advisers a call today and we will talk you through how much you can borrow, discuss the different shared equity mortgage options and help you to get a decision in principle from the lender meaning you can get your dream home quicker than you thought.