Shared-equity schemes 'useful for buyers'

Buyers of property are finding that shared-equity schemes are a great way to get on the housing ladder.

Hayley Martin, team leader at Click n go Mortgages, says that with money tight at the moment more people are considering shared ownership.

Shared equity can mean that buyers may not have to pass for sale boards outside homes that they could not buy outright.

Ms Martin says that such schemes are a good idea because it means that even if buyers are required to put down a ten per cent deposit, it is ten per cent of a "smaller share".

"For example, for a £40,000 mortgage it's only £4,000 that they've got to find, which is not unachievable," she explains.

The government's HomeBuy schemes enable such people as social tenants and first-time buyers to purchase a share of a home in the open market that they would not have been able to previously without assistance.

Published on: January 20, 2009

Did you like this article? Share it!

House Buying, House Selling & Conveyancing

DIY house selling buying guide advert

Our step-by-step guide shows you how to cut out solicitors and estate agents and save £££.

Read More