Mortgage options shrinking. Thought about Shared Ownership or Shared Equity

Deposits are the problem. The number of mortgage deals is shrinking as lenders ration there home loans in favour of people who can afford to put down a deposit. You dont have to with a shared equity mortgage or a shared ownership mortgage.

According to Moneyfacts, the number of deals on offer has shrunk by 65% in the past year and by a quarter since the start of November. There has been a huge restricton on the mortgage deals available if you don’t have a deposit. With a shared equity mortgage you can take that first step onto the property ladder without putting down a deposit.

Under the Open Market HomeBuy shared equity mortgage scheme you buy 75% of a property, taking a mortgage from a select number of lenders – the remaining 25% is provided via a shared equity mortgage loans from the mortgage lender and the Government. You can choose a property being offered on the open market subject to Homebuy Agent’s approval of the property.If you want to know more about shared equity mortgage schemes, then contact Click n go Mortgages here.