Correct at 31/03/2020
If you’re looking for a shared equity mortgage, L&C is here to help.
You can use our online Mortgage Finder tool to see all the shared equity deals you’ll be eligible for. Our expert advisers are on hand to provide you with all the help and support you’ll need, and once we’ve found you the best deal, you can apply online.
After you’ve applied for your shared equity mortgage, you’ll be able to track your application online 24/7. So get in touch with L&C today so we can find you the best possible shared equity mortgage deal.
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If you’re a first-time buyer struggling to get on the property ladder, a shared equity mortgage might provide you with the leg up you need.
Shared equity mortgages are part of the Help to Buy scheme. Under the scheme, homebuyers only need to put down a 5% deposit and the government offers a 20% equity loan, which is interest-free for the first five years. This increases to 40% for buyers in London. As a result, you only need a mortgage for either 75% or 55% of the property value.
The scheme can be used to purchase new build properties only, and the equity loan must be repaid when you sell your home. You can repay the loan early if you want to, but there are restrictions to this.
Here at L&C we can explain everything you need to know about shared equity mortgages so that you end up with the best possible deal. Find out more about how they work in our Guide to Help to Buy.
Several lenders offer shared equity mortgages, and as with other mortgages, rates will vary depending on which type of mortgage you choose and which provider you go to. Get in touch with L&C and we can help find the best option for you.
A shared equity mortgage enables you to buy a home with a small deposit combined with an equity loan from the government. Learn more in our Guide to Help to Buy.
You can pay off the equity loan whenever you want, and as property prices and circumstances change you may be able to remortgage to a standard mortgage that allows you to repay the equity loan. If you’re keeping the equity loan, not all lenders will accept customers with a Help to Buy mortgage. L&C can advise which ones are likely to lend to you.
Shared ownership works by allowing first-time buyers to buy a share of between 25% and 75% of a property. They then pay rent to a housing association on the remaining share, so they only own a portion of their home. If you use the shared equity scheme, you own all of the property, but have a loan as well as a mortgage to repay.
Choosing the right mortgage for you can be really tricky.
At L&C our expert advisers guide you through the process. Simple and efficient.
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