First Time Buyers Mortgages
Shared Equity Mortgages
What are Shared Equity Mortgages?
The only remaining shared equity scheme in the UK is HomeBuy Direct. This involves taking out a shared equity mortgage as well as a low or no interest loan which is payable on the sale of your property - along with a share of any increase in value.
Shared Equity Mortgages – Advantages
Shared equity is one of the most affordable ways to get a foothold on the property ladder.
Interest rates are very favourable.
Schemes for key workers and non-key workers
Shared Equity Mortgages – Disadvantages
The HomeBuy scheme is not available to everyone and long waiting lists are expected.
If you leave the required profession you will have to repay the HomeBuy equity loan within two years.
When you come to sell the property, as you will not own 100%, you may face affordability problems when looking for your next home.
Lenders specialising in HomeBuy and Private Shared Equity Mortgages
Many lenders have been involved but for an up to date picture, seek mortgage advice .
Shared Equity Mortgage Advice
For personal advice on sheared equity mortgages contact a mortgage advisor for no-commitment, specialist, friendly mortgage advice .
Features, advantages and disadvantages of specific first time buyer mortgages:
100% Mortgages l Cashback Mortgages l High LTV Mortgages l Graduate Mortgages l Professional Mortgages l Mortgages with Parents l Guarantor Mortgages l Family Offset Mortgages l Mortgages with Friends or Family l Mortgages at University l Rent a Room Mortgages l Affordable Mortgages l Interest only Mortgages l Part Repayment Part Interest Mortgages l Interest-free Start Mortgages l Poor, Adverse or Poor Credit Mortgages l Key Worker Mortgages l Shared Equity Mortgages l 30, 35, 40 Year Term Mortgages
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