Mortgage Guide: Shared Equity Mortgages UK - Shared Equity Schemes

Mortgage Guide: Shared Equity Mortgages UK - Shared Equity Schemes

Shared equity mortgages are associated with the forthcoming FirstBuy Shared Equity scheme which starts in September 2011. The FirstBuy shared equity scheme is solely for buying selected new-build properties.

Some of the housebuilders will offer equity loans on specific properties - you will need to find out who in your area is offering these incentives.. New housebuilders may have offers, alternatively you can make contact with or appoint your own broker to advise you.

Shared Equity schemes are open to key workers, other selected buyers and first time buyers with household incomes of £60,000 or less.

With the FirstBuy shared equity mortgage scheme the first time buyer only owns the property. You would provide a 5% deposit, take out a 75 - 80% shared equity mortgage and also a 15-20% shared equity loan. The equity loan is interest free for the first 5 years and a nominal rate is charged thereafter. The equity loan is payable on the sale of the proeprty. Read More

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