There’s more than one way to buy a house. If you’re looking at more affordable options, then Shared Ownership or an Equity Loan could be the right option for you.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.
Shared ownership schemes are provided through housing associations, where you buy between 25% and 75% of the value of the property and pay rent on the remainder. Through such a scheme you can buy part of a newly built home or an existing property.
You’ll probably need to take out a mortgage to pay for your share of the property’s purchase price.
Not everyone is eligible for a shared ownership scheme.
Equity loan schemes give you a loan for part of the deposit on a property. You will still need to take out a mortgage on the remainder of the property price, but because the loan counts towards your deposit you may be able to take out a mortgage where you might otherwise struggle.
Legally through an equity loan scheme you own 100% of the property.
Often these schemes are offered by developers. If you have not repaid the loan by the time you come to sell the property, usually the developer will be entitled to a share of the sale proceeds proportionate to the share of the purchase price they loaned when you purchased the property.