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Mortgage Bestbuys |
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| Shared Equity Mortgages | ||||
Many local authorities and house builders offer shared equity homes. Shared Equity is when you rent part of the property, say 50%, and get a mortgage on the remainder - you may still need to put down a deposit but it will not be as much as would be required if you buy all of the house. You will have the opportunity to buy the remaining equity or part of when you can afford to. This will be at market value at such time. The overall cost of these schemes, taking into account rent and mortgage payments would be similar to buying the property outright. So, while Shared Equity may not be cheaper it does help those people that do not have sufficient income to meet the requirements of a mortgage lender.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT