Shared Equity is when you rent part of the property and mortgage the remainder - a small deposit may be required but should not be as much as if you were to buy all of the house.

You will have the opportunity to buy the remaining equity when you can afford to but this will be at market value at the time when buying the remainder of the equity. The cost of shared equity would normally be similar to buying the property outright by the time you have paid the mortgage and rent payments.

Shared Equity may not be cheaper, however, it does help those people who don’t have sufficient income to meet the requirements of a mortgage lender if they were looking buy the mortgage outright.

 

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