The decision to apply for Shared Equity or Shared Ownership will depend on your circumstances and preferences. We recommend that you fully consider both and then you consult with your mortgage advisor before making a decision. The table below highlights some of the key differences:
Shared Ownership: You purchase a share in the property (25%, 50%, or 75%) and you pay an occupancy charge on the remainder to a housing association. You do not own the property outright.
Shared Equity: You purchase a property and own the property outright, but you obtain a mortgage for a certain percentage of the equity (e.g. 70%). Your primary lender will secure a charge over the property and the Scottish Ministers will secure a second charge over the remaining share (e.g. 30%) to secure the repayment of its share.
An information leaflet for applicants is available.
You may be interested in Shared Ownership homes that may be available in your area and you can find further information here.
IT’S GOOD TO TALK
If you would like to discuss any of the products listed above please don’t hesitate to get in touch. Call now on “01337 830 844” or fill in the online form and I will contact you within 24 hrs.
YOU NEED TO KNOW
We charge a fee for arranging your mortgage. This is payable on application and would typically be £500, however this could be higher or lower, depending on the complexity of your case. Fees are not refundable after you have received your formal mortgage offer. We do not charge fees for arranging Protection or General Insurance.
This site is intended for the use of UK residents only.