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What is a shared equity mortgage?
If you’re trying to get a foot on the property ladder, but can’t afford the high prices, then you might want to consider a shared equity mortgage. This is a way to reduce the cost of purchasing a home by sacrificing a share of equity to purchase it. Usually, you can buy back the rest of the house at a later date. Until then, the lender will charge their SVR on the bulk of the loan, then offer reduced or 0% interest on the rest of the sum.
Shared equity mortgage rates...
Shared equity mortgage rates can be very reasonable. However, it’s not the right type of deal for everyone. It’s worth taking a look at some of the other options before making a decision:
First time buyer - Favourable offers for people looking for that first step on the property ladder
Poor/bad credit- Deals for people with bad credit history
100% - Perfect for those who can’t afford a deposit, but don’t mind paying higher interest
125% - Borrow more than the house value to pay for stamp duty, renovations etc.
Self-certified - If you can’t prove income (for example, if you’re self-employed or an unsalaried director) this is an alternative option
Homestake - Communities Scotland scheme to help people on a low income afford a house
Right to buy - A government initiative that allows you to buy your council home at a discount price
Feel free to get in touch with us on 0845 603 1525. Our team of consultants are ready to offer advice and assistance on anything to do with any mortgage deal. We guarantee to find the best shared equity mortgage rates.
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