Shared equity mortgage information
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What is a shared equity mortgage?
With a shared equity deal you buy a percentage of your new home while a local authority or landlord purchases the rest. This means that you effectively rent the rest of your house until you can afford to buy the percentage back. 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 their money back upon sale of the property.
More shared mortgage information…
As with any type of mortgage, it’s important to make sure that you can afford the monthly repayments. If you miss payments you run the risk of losing your home. Visit our calculator page to find out how much you can borrow without overstretching your budget. You can also find great deals on protection and insurance. These offers can cover your home in the case of damage or theft, and insure your payments in the event of sickness, illness or injury.
Find shared equity mortgage information with First Mortgage now
Call us on 0845 603 1525 for more shared equity mortgage information and to arrange an immediate quote. We are happy to discuss your situation and help you choose the best deal for 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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