Shared Equity Mortgage

A Shared Equity provider will offer an equity loan to the applicant to enable them to reduce their mortgage payments to an affordable monthly level. The loan will be secured as a second charge on the property.

The local authority will check the title for any other charges. All charges must be cleared in full for shared equity mortgages so that this ensures the RSL (residential social landlord) has a second charge.

The maximum period of the equity loan is 25 years and in order to ensure that the mortgage rescue program does not attract applicants who could resolve their own situation, the applicant being rescued will be required to make an equity contribution. For the shared equity product this will be 3% of the value of the equity loan, from the home owners existing equity loan. This equity contribution will be added to the percentage outstanding under the equity loan but no fee will be levied upon it.

For more information on a shared equity mortgage or to send a general enquiry please complete the form below.

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