Shared Ownership & Equity mortgages
Shared Ownership and Shared Equity mortgages are increasingly popular for first-time buyers looking to get on the property ladder. ‘Traditional’ mortgages typically require a significant deposit, which can be difficult for some to manage.
Purchasing a shared ownership property may relieve some of this pressure, as you will purchase only part of the property initially and pay rent to a housing association or landlord for the share you don’t yet own. You can then purchase further shares as and when you can afford to.
With a shared equity scheme, you pay a percentage of the full open market purchase price but acquire ownership of 100% of the property. The balance of the purchase price is provided by an equity sharing lender.
The Welcome mortgage works by reducing the interest rate to 0% for the first few months of the term. You’ll still need to pay the capital part of your mortgage during the Welcome period. The interest discount is calculated and repaid over the remaining term of your mortgage.
You can choose from applying online** or over the phone, and can even use our mortgage calculator and get a decision in principle today.
Warning: THE MORTGAGED PROPERTY (WHICH MAY BE YOUR HOME) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE