Shared Equity Mortgages

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Shared equity mortgages allow the borrower to pay lower monthly fees on a property in exchange for the lender taking a share of the equity.

What is a shared equity mortgage?

There are over a hundred companies in the UK that offer shared equity mortgages, making it confusing and difficult to find the right deal. First Mortgage can source the right mortgage for you.

There is a new first time buyer shared equity scheme from the Scottish Government called LIFT. Please see our dedicated LIFT mortgage pages for more information.

Our family shared equity mortgage product, the Family Equity Loan Plan, is designed for the equity to be shared with a parent or family member, rather than with a housing association or developer.

Shared equity mortgages are useful for people who can’t afford the full cost of a new home, but don’t mind sacrificing a share of equity to purchase it. Usually, the lender charges normal interest rates on the bulk of the loan, then offers reduced or 0% interest on the rest of the sum. The repayment is therefore less than an unsecured loan, and the lender receives the rest of their money back upon sale of the property.

Other mortgage types...

As well as shared equity mortgages, you can find a range of other mortgage types that might suit your needs, including:

 First time buyer mortgage - Find special offers and deals to help you get on the property ladder
 Poor or bad credit mortgages - No matter what your financial history, we can find a mortgage deal to suit you
 Family Equity Loan Plan - Lets a parent or close relative take an equity stake in the property.
 100% mortgages - deals that require no deposit
 125% mortgages - currently there are no deals offering more than 100%. Please contact us to discuss your options.
 Self-certified mortgages - A different way to arrange a mortgage if you are unable or unwilling to prove income
 LIFT Mortgages - Scottish Government scheme to help people on a low incomes afford a house
 Right to buy - An initiative that allows you to buy your council home at a discount price
 Council house purchase - Purchase a council house

Call us on 0845 603 1525 for a FREE consultation with one of our friendly and experienced consultants. We are more than happy to discuss your situation and help you choose the best shared equity mortgage or other mortgage to suit your needs.

The overall cost for comparison is 6.6% APR. The actual rate will depend on your circumstances. Ask for a personalised illustration.

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