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Shared Equity Mortgages Free Help and Advice
Shared Equity Mortgages are part of the Government's Open Market HomeBuy scheme to enable certain qualifying individuals to get onto the first rung of the property ladder. Under the Shared Equity Mortgage scheme, buyers purchase 75% of their property with a mortgage and take out an equity loan from the Government and the lender for the remaining 25%. Naturally, both elements are repayayble in the event of the mortgagee selling the property.
The Open Market HomeBuy Shared Equity Mortgage scheme is designed to create an extra 100,000 home owners by 2010. |
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Why Shared Equity Mortgages?
Shared Equity Mortgages are part of Government strategy to increase home ownership by making mortgage repayments more affordable. Borrowers repay the 'mortgage' element at standard rates while the interest on the 'equity loan' element is deferred until such time as the property is sold at which point the Government is entitled to its 25% including any capital gain as a result of the increase in value of the property.
Who are Shared Equity Mortgages Designed for?
- Key Workers
- Existing Council Tenants
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- Those on Council Waiting Lists
- Existing Housing Association Tenants
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Shared Equity Mortgages Advice
The best advice for anyone seeking a Shared Equity Mortgage is to seek professional help from a specialist mortgage broker or advisor.
In Summary
In summary, Shared Equity Mortgages are part of the Government's Open Market HomeBuy scheme to enable key workers and those living in or waiting for social housing to get onto the property ladder when they might not otherwise be able to afford to do so.
