Buyers are suspicious of Shared Equity Schemes

It’s certainly going to be a tough time for first time buyers in 2009.

We still get a hundreds of people asking “Can we still get a 100% mortgage”. The answer is not for a property on the open market. But you can still buy a house without a deposit with a Shared Equity mortgage.

Most people seem to think a Shared Equity is the same as Shared ownership, it’s completely different.  With Shared Equity you own the property there is nobody else on the deeds. With these assisted buying schemes you generally take a mortgage out for 75% of the value of the property and the other 25% equity loan.  If you are buying a property to use as a home then in the long term the housing market is still seen as good for equity gains. The value of houses has increased by more than the rate of inflation. 2009 may well be all about First Time Buyers trying to find a deposit, or maybe a Shared Equity purchase if for you.

If you want to know more about shared ownership & shared equity mortgage schemes, then contact Click n go Mortgages here.