A Shared Equity Homebuy loan can help to boost the size of your deposit which could make it easier for you to purchase a suitable property in the area that you wish to buy. Subject to eligibility this loan is available for properties on the open market.
In the example, if you wanted to buy a property worth £250,000 Parity Trust would provide a loan of £50,000. You would just need a 5% deposit of £12,500 and then obtain a mortgage of £187,500 from another provider for the remaining part.
The amount you owe is linked to the property value so an independent valuation will be required at the outset and when you sell. There is a collar in place which means if you sell and your property price has fallen you will still need to pay back the amount you borrowed.
You are able to make additional lump sum payments or pay the loan off early without penalty — terms and conditions apply. For further details please contact us on 023 9237 5921 or you can enquire online using the form below.
Fees & Other Costs to Consider
- Stamp Duty
- Legal Fees
- Shared Equity Loan Fee
- Buildings Insurance
- Mortgage Lender ‘s Fee & Survey Charge
- Life / Other Protection Insurances
- Loan can be used for Properties on the Open Market
- Loan Amounts between £10,000 - £50,000
- Loan can be used within the above limits up to 20% of the property value
- You provide a 5% deposit
- You arrange a mortgage for the remaining share
- No regular payments during the first five years
- The amount owed is linked to the value of your property
- No penalties for lump sum payments or early settlement — terms apply
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