Shared Equity Mortgages

What is a Shared Equity Mortgage Scheme?

» A Shared Equity Mortgage is the basis for the 'Open Market HomeBuy' directive as set up by the Government.

» A Shared Equity Scheme allows you to buy 75% of a property and get a mortgage on the remaining 25%.

» The remaining 25% is provided as an equity loan from the mortgage lender and the Government.

» The property that you choose can be one from the open market, but this is subject to the HomeBuy Agent's approval.

» The Equity Loans are fully repayable following the sale of the property and after 5 years there will be interest to pay on the lender's equity loan.

Who is eligible for a Shared Equity Mortgage?

If you are an existing council tenant, housing association tenant, on a waiting list for council accommodation, a key worker or seen as a priority first time buyer, then you are eligible to apply for the shared equity scheme.