Homeownership Westminster

Government Backed Shared Equity Loan Schemes

access funds to help purchase a home that would otherwise be unaffordable
you are the full home owner of the property - it is not part-owned by a third party as it would be in a Shared Ownership scheme
the equity loan is normally placed as a 'second charge' on the property, and the conventional mortgage which is obtained from a financial provider such as a bank or building society is the 'first charge'
the source of the funds and repayment terms vary depending on the terms of the scheme
you are usually required to repay the loan in full when you sell the property.

Shared Equity loan schemes include:

HomeBuy Direct

buy a newly built properties in a designated HomeBuy Direct development with a loan worth up to 30% of the total property price
you must be able to fund the remaining 70% with a mortgage or deposit
There is no charge on the loan for the first five years
from year six, a 1.75% charge is paid which increases by an inflationary rate dictated by the Retail Price Index (RPI) plus 1%.

Contact us for further information on any of the above schemes or if you would like us to get in touch with the scheme provider on your behalf to express your interest.