To help buyers get onto the property ladder, many New Home Builders and Housing Associations now offer shared equity schemes, allowing more people to purchase their own home with only a 5% deposit.
With shared equity schemes, the Builder or Housing Association provides an equity loan (often interest free for the first 5 years) of between 10-25% of the property’s value, meaning you only need to obtain a mortgage for between 90% and 75%. You maintain 100% ownership of your home, and because you’ll have a smaller mortgage than you would have otherwise needed, your mortgage repayments will be lower too.
We will provide you with your own dedicated mortgage advisor who will be with you from start to finish, ensuring you have all the assistance required to make your new home purchase as easy as possible. Your advisor will search the whole of market for all shared equity mortgage products available and determine which option suits you best. They will complete all the paperwork with you, and also deal with the lender, solicitor and surveyor throughout the process, to ensure your home purchase is completed as smoothly as possible.
As always, our end to end service is 100% free - it won't cost you a penny!
Your advisor will calculate exactly how much you can borrow based on your personal circumstances, and what that would cost, whilst explaining the purchasing process in simple terms – no jargon!
Great news, you could borrow up to: £45,000
Great news, you could borrow up to: £35,000
To find out exactly how much you can borrow based on your specific circumstances, please make an enquiry to speak to an advisor.Quick Enquiry
While Shared Equity isn't the only low deposit scheme available for people looking for an affordable mortgage option, it may be a good option to consider depending on your personal circumstances. Your advisor will be able to look over your situation and help determine whether Shared Equity is right for you. Here's an example of how it works:
• You purchase a new build home where the builder is offering Shared Equity on an 85/15 split
• The full price of the home is £150,000
• You require a 5% deposit (£7,500) to qualify for the scheme
• The builder provides an “equity loan” of 15% (£22,500)
• You then need a mortgage for 80% of the full purchase price (£120,000)
• Often you will pay no interest on the equity 15% equity loan for between 5 and 10 years
• You will own 100% of the property and can pay back the builder when you sell the home
• You can pay back the equity loan at any time without penalty
In addition to shared equity, we can also advise you on other available schemes and government initiatives such as Help to Buy, which only requires a 5% deposit to purchase a home.
Get in touch today to find out how we can help make your dreams of home ownership a reality!
We’re not just any mortgage broker – we’re a free, award winning mortgage broker with access to the best deals out there. And there’s no catch. While most mortgage brokers will charge you a hefty fee for using their service, we don’t. Our service is funded entirely by mortgage lenders, so you can bid farewell to advice fees. Did we mention we’ll even do all the paperwork for you?
We’re so confident in finding the best mortgage deal available to you that every mortgage we source comes fully backed by our one of a kind mortgage guarantee.
If you can get a better mortgage offer from anywhere else, we’ll give you £500.
All mortgage brokers get paid a fee by the lender upon completion of a mortgage. In addition to this, most of these brokers will also charge you a hefty fee.
This fee typically ranges from £300 to £500 per client, with some brokers charging as much as £1,250.
We know you don’t like fees, and we don’t either.
Our service is funded entirely by mortgage lenders, which doesn’t affect your mortgage in any way, and means you won’t ever have to pay us a penny. Combined with our Best in Market mortgage guarantee – where we’ll pay you £500 if you get a better deal elsewhere – we can confidently say there is no better place to go for your mortgage needs.
So whether you simply want to know what options are available to you, what you can afford or you’ve found the house of your dreams, get in touch and we’ll get the right deal in place for you.
The right mortgage for you. Every time.
At First Mortgage, we’re so confident in our choice of products and our advice, that we provide every customer with a simple guarantee – should you receive a better offer from another lender than the mortgage offer issued by the First Mortgage applied for lender, we’ll happily pay you £500!
This promise is offered exclusively to First Mortgage clients who receive a better mortgage offer from another lender, on a like for like product basis, than the mortgage offer already issued by the First Mortgage applied for lender.
It’s Really That Simple
We are so confident that our range of products and advice cannot be beaten that we provide this gimmick-free offer to all our clients. Simply provide us with a copy of the alternative mortgage offer at least 10 days prior to completion/entry date, which confirms eligibility for a mortgage product that has a lower true cost over the special rate period than the mortgage recommended by First Mortgage, and we will pay you £500.