1/4 of all new homes offer shared equity schemes
23 % of new homes are now available to buy using a shared equity scheme, according to leading new homes website SmartNewHomes.
Housebuilders are focusing on offering more shared equity options to make home ownership more affordable for first-time buyers.
As it becomes increasingly difficult to raise the large deposits required to buy their first home, would-be buyers on average incomes are turning to shared equity offers.
Lenders now offer significant support for those only able to afford a percentage of a property. Housebuilders also run a number of private shared equity schemes of their own, inviting first-time buyers to borrow an equity loan alongside their own small deposit, raising a mortgage for the remaining amount. The Government’s FirstBuy scheme is also proving popular where buyers can access a 20% loan provided jointly by the Government and the housebuilder, putting in their own 5% deposit and raising a 75% LTV mortgage.
Despite this large percentage of shared equity homes being offered, figures show that 2011 lost 10% of first-time buyers, compared to the previous year.
Coodes offers a specialist Affordable Housing service. Our team will help you understand the differences between all types of Affordable Housing Schemes and will help you complete your Affordable Housing conveyacing. The team will help you complete your house purchase as efficiently and stress-free as possible. Whether you are buying or selling, there is an expert on hand to help. Download our guide to Affordable Housing
This entry was posted on Wednesday, November 16th, 2011 at 5:08 pm and is filed under Events, News, Press and Media.
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