First time buyers who are priced out of the property market may be able to take
advantage of an affordable housing scheme to help them take the first step on the
property ladder. Our expert advisers have considerable knowledge and experience
in the affordable housing sector and can assist you with any of the available schemes
which include Shared Ownership and Shared Equity.
If you want to buy a home but can’t quite afford to, a Shared Ownership scheme can
help. You buy a share of the property and pay rent on the remaining share. Through
a Shared Ownership scheme you pay for a share of between 25 and 75 per cent of the
home’s value. A housing association owns the remaining share and you will pay a
rent to them for this share. After you have bought your first share, you can usually
buy more shares until you own the property – this is known as “Staircasing”.
Shared Equity is similar to Shared Ownership; it is a form of affordable housing
helping certain people on to the property ladder. In basic terms, you purchase all
of a property but use an equity share loan to make up the difference between the
mortgage and the purchase price. Usually, you will not be required to pay interest
on the equity share loan within the first five years. You can pay off the equity
share loan and will then own the property.
The FSA do not regulate Shared Equity Schemes
Shared Ownership and Shared Equity can be complex and confusing; there are a number
of schemes available and a number of mortgage lenders who may help you finance your
purchase. It is important to get specialist advice when considering an affordable
housing scheme; one of our expert advisers would be delighted to help you take the
first steps to owning your own home.
When you are ready to discuss your requirements further, you can click
here and provide some basic information, one of our expert advisers will
then contact you at a time convenient to you. Or you can call us directly on:
01732 860556
Calls may be recorded for training and security