Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

Shared Equity

What is Shared Equity?

Shared Equity Mortgages are part of a scheme aimed at first time homeowners, where the borrower purchases part of a property and the other part is purchased by a third party, such as a housing association.

This differs from Shared Ownership in that no rent is paid to the third party for their share. Any future increase in the property value is shared between both parties in proportion to their share.

Shared Equity Mortgages are associated with the Government’s Help to Buy scheme. This is open to key workers, other selected buyers and first time buyers with looking to buy a house valued below £600,000.

Despite the terminology the equity is not shared and the (typically first time buyer) owner does not initially share the equity with any other body but does obtain financing from various quarters. When the homeowner comes to sell however, they have to forfeit some of the equity from the property.

Under the Help to Buy shared equity scheme you provide a 5% deposit and buy 75% of a property, taking a mortgage from a select number of lenders. The remaining 20% is provided via equity loans from the mortgage lender and the Government. After 5 years, you’ll be charged interest at 1.75% of the value of the loan, increasing in-line with inflation plus an additional 1%. Both equity loans are fully repayable when you sell the property.

Q: Are shared equity mortgages easier to get?

A: In a sense it can be easier to get a Shared Equity Mortgage, because the deposit is typically lower than with other types of mortgage. They are intended to help first time buyers primarily, but there are other circumstances that apply that you could also get a shared ownership mortgage under. In short, they can be easier or harder to get, depending on your circumstances.

Q: Is it just open to first time buyers?

A: No. The scheme can also be used for people that have owned homes in the past but are currently in rented accommodation.

Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.