First Time Buyer

Get on the Ladder: Shared Equity Mortgage Brokers

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    Find your Perfect Shared Equity Mortgage - 100% Fees-Free

    Struggling to raise deposit funds for your first home? Shared equity may be the option for you.       

    If you’re househunting on a low income or looking to make your first step onto the property ladder, a shared equity mortgage could be the perfect way to top up your funds – increasing your deposit, and decreasing your LTV. Available through both government-funded and privately owned schemes.

    Whether you’re looking to make your purchase through the national Help to Buy scheme, using a locally provided product, or with a private equity loan, the Fees Free Mortgages team can help you get from endless applications to new home celebrations at no extra cost. Our dedicated shared equity and first-time buyer mortgage brokers will work from start to finish to compile, submit, and manage every aspect of your application – helping secure the best possible deal quickly, simply, and stress-free, whilst giving you the time to focus on what matters most.

    What is a Shared Equity Mortgage?

    Shared equity mortgages, also referred to as ‘partnership mortgages’, are a financial product designed to help people who may not otherwise be able to purchase a property – and are used primarily by first-time buyers.

    They’re most often available through government-backed schemes, but may also be offered on a private basis by developers.

    Buyers purchasing through this scheme are able to pay just a small deposit upfront (at least 5%), whilst taking out an equity loan covering a significant portion of their chosen property’s value (typically 20%), and using a mortgage to cover the remaining purchase price. 

    At the end of the specified mortgage term (usually 25 years), if your loan hasn’t already been paid off, you’ll be required to settle it in full – with the amount to be paid pack being ‘proportionate to the value of your property at the end of the term’. This does mean that you could end up paying back more than you borrowed – but for many, the benefits of shared equity mortgages outweigh this risk.    

    Help to Buy is the biggest and most well known shared equity scheme in the UK, but there are others available – including those offered by local councils, those run by property developers, and those exclusive to Scotland and Wales.

    Why Choose a

    Shared Equity Mortgage?

    Am I Eligible to Apply for a Shared Equity Mortgage?

    Considering applying for a shared equity mortgage? You’ll most likely be required to meet a general list of criteria – including some related to age, affordability, and joint applications. Beyond this, the exact conditions of your application will be determined by the scheme or mortgage provider you select.     

    Those applying for a shared equity mortgage under a scheme such as ‘Help to Buy’ will be required to meet additional requirements. Discover more about the Help to Buy scheme’s criteria on our Help to Buy page. 

    To discuss the requirements of any other schemes, including those offered by developers or local councils, please contact the Fees Free Mortgage team for a free, no-obligation consultation.

    Not Sure Where to Start?

    Need assistance on your shared equity mortgage journey? Fees Free Mortgages are here to help.

    Our expert shared equity brokers understand how complex selecting and securing a mortgage can seem – and are here to make things simple. Whether you’re not sure if shared equity is the option for you, need a transparent explanation of the purchasing process, or just don’t know where to start, our free mortgage advice service could help get you on the right track. We’re always available to offer independent, fully-tailored new build mortgage advice in simple, understandable terms and at no extra cost.

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    Why Choose Us?

    Unlike the industry ‘big boys’, Fees Free Mortgages is motivated by clients – not commission.

    We’ll work hard to find and apply for the best mortgage deal for your individual circumstances; no strings attached. Best of all, our comprehensive services are completely fees free!

    100% Fees-Free

    Most mortgage firms and brokers charge an arrangement fee upfront, or on completion of your application. We’re different. Our team work on an entirely fees-free basis, meaning you’ll never be charged for mortgage advice, or for arrangement - regardless of your circumstances.

    Real People, Great Service

    We believe that the best brokers provide a personal touch - not outsourced calls and automated responses. With Fees Free Mortgages, you’ll be assigned an in-house personal broker and case manager, both of whom will be by your side throughout the process.

    Unbiased Advice

    With thousands of mortgage options available on the market, it’s highly unlikely that you’ll get the best deal from your bank. On the other hand, whole of market brokers without lender ties are able to offer a wide range of deals, accompanied by unbiased mortgage advice.

    Regulated and Accountable

    Selecting a mortgage broker is a big step in one of the most significant financial decisions of your life - meaning it’s vital to ensure your final choice is trustworthy. Fees Free Mortgages are directly authorised by the FCA and are and fully accountable for the mortgage advice we give.

    Dedicated Contact

    We promise to handle all the hard work, meaning you can sit back and relax until your mortgage completes, whilst your dedicated broker and case manager keep you in the loop. With us, you’ll always be fully informed on the stage and details of your application.

    Nationwide Service

    We believe everyone should have access to free, unbiased mortgage advice and brokerage. That’s why we’re proud to have developed flexible services benefitting clients from Cornwall to Carlisle and beyond. We’ll work to find your perfect mortgage, whether in-person in our flagship office, through one of our UK representatives, or over video call.

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    From First Searches to Approval

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    Can I Afford a Shared Equity Mortgage?

    If you’re unsure as to whether a shared equity mortgage would be an affordable option for you – but aren’t quite ready for a consultation, our simple online mortgage calculators could help. They’re here to give you a general idea of your loan to value ratio, how much you could borrow, and even what your monthly repayments may look like – all in just a few minutes. Whatever your situation, our simple mortgage calculators are here to help you crunch the numbers.

    Don’t Take Our Word For It

    Discover our clients’ mortgage success stories.

    I had so many questions and unknowns about buying my first home but none of them were too silly for Martin to answer. He helped me with finding the mortgage lender that suited me and did all the paperwork upfront, so to make everything run smoothly later on. He advised me with insurance and gave me me guidance and updates every step of the way. For me, Martin made buying my first home an exciting experience, not a stressful one and I would recommend him every time. Thank you.

    Rachael Parnell

    First Time Buyer Mortgage

    5.0

    Martin Bright has been exceptional throughout a long and convoluted process. After three attempts at securing a house (and three mortgage searches), Martin was patient and professional, always happy to help and always finding a better deal than I thought possible. He explains things clearly and puts forward his thoughts and justifications in a very considered way. I have a 5yr fix at 0.9%. Which beggars belief really! Fantastic outcome, brilliant service and a thoroughly nice chap all round. Wouldn’t hesitate to recommend, and I already have done to a couple of friends looking to secure their own mortgages.

    Alex Prentice

    First Time Buyer Mortgage

    5.0

    Martin and his team were always quick to respond from mortgage application through to completion. He provided valuable advice and insight throughout, especially during the economic downturn and rapid rises with interest rates, and secured us a great deal with a lightning fast turnaround. Also, Adelle made obtaining Life and Financial Protection insurance super easy – allowing us time to look through the deals she prepared and was always willing to explain complex or unfamiliar terms to us. When we end up moving house in the future – I’m sure I’ll be giving Fees Free Mortgages a call.

    Daniel Percey

    Free Mortgage Advice

    5.0

    For anyone buying a new home, looking to re-mortgage or interested in setting up life cover – then Martin is absolutely your man. My wife and I have been using Martin for the past 4-years for our mortgages, personal and business life cover, and I would never go else where. Martin offers a very personal and professional service, he is extremely knowledgeable, honest and consistent, and is always looking for the best option for his client. I would highly recommend, great guy.

    Michael John Vingerhoets

    Self Employed Mortgage

    5.0

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    We’re are ready to assist you in your mortgage journey - whatever stage you’re at. For expert fees-free mortgage advice, or to discuss any of our services, please reach out to us using the contact form below, visit us in our flagship branch, or reach out to your local advisor.

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    FAQs

    Shared equity mortgages, or ‘partnership’ mortgages, are a financial product offered by government schemes, local authorities, and private developers designed to help buyers purchase a property.  When you take out a shared equity mortgage, its provider will first give you a loan to be put towards the deposit for the home you want to buy. After this, you’ll be able to take out a shared equity mortgage on the remainder of the property value. 

    Depending on your agreement, you’ll either repay your equity loan over a set number of years alongside your mortgage, at the end of your term, or in total when you decide to sell. Keep in mind that your loan will be tied to the property value – meaning that if it rises, the amount you owe will also grow.   

    Help to Buy is the biggest and most well known shared equity scheme in the UK, but there are others available – including those offered by local councils, those run by property developers, and those exclusive to Scotland and Wales.

    Shared equity is often a brilliant option for first-time buyers, those looking to get onto the property ladder, or those struggling to purchase a property. Though exact requirements and benefits can vary according to providers and lenders, this mortgage type typically allows for the faster, easier purchase of a home thanks to its provision of an equity loan to be put towards a deposit payment. 

    Whether or not a shared equity mortgage is a good fit for you depends on your exact circumstances. The main risk to take into consideration is that your loan is tied to your property value – meaning that if the value of your home rises, so will the amount you owe. 

    If you’re unsure as to whether or not a shared equity mortgage aligns with your plans and requirements, our experts recommend that you get in touch with a reputable, unbiased mortgage broker for advice.

    For the right buyer, shared equity mortgages can be an incredibly useful tool. Particularly popular amongst first-time buyers and those struggling to save for a deposit, this product provides a number of benefits, including:

    Faster Buying – Whilst saving up for a full 15 – 20% deposit may take years, shared equity mortgage schemes’ deposit loans can help you pull together the funds you need – helping you secure your home faster.

    Interest-Free Equity Loan –Depending on the provider you select, your loan may be interest-free, or interest may be unowed for a set term – for example, interest is unowed for the first five years of shared equity mortgages secured under the Help to Buy scheme. 

    Flexible Repayment – Many shared equity schemes offer options allowing you to pay back your loan when you sell your home – meaning that depending on your provider, you may not need to factor in monthly repayments on top of your mortgage.

    How difficult it is to get a shared equity mortgage depends on a number of factors, including the provider you choose, and your own circumstances. For example, the Help to Buy scheme requires applicants to be a first-time buyer over the age of 18 looking to purchase and live in a new build property with a value within regional price-caps. 

    If you feel that a shared equity mortgage is the right option for you but don’t know if you’re eligible, or are worried the application process might be difficult, get in touch with Fees Free Mortgages. Our shared equity mortgage experts are on hand to offer free advice and services in line with your unique needs.

    When buying a home with a shared equity mortgage, you’ll most often need to put down a significant deposit – typically about 20%. This may seem like an unattainable number, but luckily, under shared equity schemes, an equity loan will be provided to help top up your deposit savings. 

    For example, if your mortgage requires a 20% deposit, you could take out a 15% equity loan – meaning you’d only need to save 5% upfront. 

    Looking to apply for a shared equity mortgage? Fees Free Mortgages can help. Our shared equity mortgage experts are on hand to offer free advice and services in line with your unique needs. 

    Shared ownership and shared equity mortgages are both common mortgage products most commonly used by first time buyers – and are often confused with one another. Whilst shared equity mortgages provide a deposit-boosting equity loan accompanied by a regular mortgage (meaning you’ll own 100% of your home), shared ownership involves purchasing a share of your chosen property and paying rent on the remainder with the option to ‘staircase up’ to full ownership in your own time.  

    It’s important to fully understand the differences between and benefits of each of these products before committing to any applications. Our independent, unbiased team of expert mortgage brokers are available to help ensure you select the best possible mortgage for your unique circumstances. To arrange a fee-free consultation with one of our specialists, contact us using the form above, or visit us in branch.

    Shared equity mortgages aren’t technically restricted to first time buyers – however, they’re most commonly offered under schemes with restrictive requirements, meaning it’s more difficult to source a suitable option as a home mover. For example, the most popular and widely used shared equity scheme, Help to Buy, is available to first-time buyers only. This may also apply to schemes offered by local authorities and developers, but this isn’t always the case.

    If you’re a home mover looking for a mortgage product, our expert mortgage brokers can help ensure you find the best possible option for your unique circumstances.  To arrange a fee-free consultation with one of our specialists, contact us using the form above, or visit us in branch.

    Though Help to Buy is the most well known and widely used shared equity scheme, there are a number of other offerings (with differing requirements) available across the UK. These may include:

    • Housebuilders and developers
    • Local authorities and councils 
    • The government 

    If you’re unsure as to which shared equity scheme is the best option for you, our experts highly recommend reaching out to a reputable, experienced, and unbiased mortgage broker to help guide your decision. Fees Free Mortgages are proud to offer a no-obligation, fees-free mortgage advice service perfect for those taking the first steps towards homeownership and interested in shared equity.

    As with any loan, shared equity mortgage schemes do pose some risk. For most, these risks are outweighed by benefits such as the scheme’s contributions towards their deposit, however, it’s worth noting the following:

    Value Fluctuations  – Your equity loan is tied to the value of your home, meaning that if property prices surge, you may end up owing more money than initially expected. 

    Property Choice Restrictions – Shared equity loans are most often available through schemes – a number of which have strict requirements with regards to successful applicants. For example, the Help to Buy equity loan scheme is only available to those looking to purchase a new build. If you’re looking to buy a home with characteristics outside of your scheme’s requirements, you may be restricted in your choices. 

    Re-mortgaging Restrictions – If you have an equity loan not yet paid off in full, most lenders will not consider your re-mortgage application should you choose to do so.

    Shared equity lending specifications will vary significantly according to your chosen scheme and provider – though the vast majority allow buyers to borrow between 5 and 25% of their property’s value in the form of an equity loan. It’s important to note that many shared equity mortgage schemes have a cap or upper-value limit on house prices, meaning there is a technical ceiling to the amount they’ll be willing to lend.  For example, the government’s Help to Buy scheme is subject to price caps dictated by region – e.g. buyers in London are able to purchase a house up to £600,000 in value, whilst buyers in the North-East face caps of £186,000. 

    If you’re unsure of which shared equity scheme is right for you, or much much you’ll be able to borrow when purchasing a new home, our experts highly recommend reaching out to an independent, experienced, and unbiased mortgage broker. Fees Free Mortgages are proud to offer a no-obligation, fees-free mortgage advice service perfect for those taking the first steps towards homeownership and interested in shared equity.

    There are a number of ways to apply for and attain a shared equity mortgage – all of which depend on the exact scheme you’d like to apply for. For example, those looking to secure a shared equity mortgage with a developer will need to source a developer offering an option for them – with estate agents often able to assist in sourcing suitable developments coming up on the market. Those looking to purchase through the help to buy scheme can connect to agents and local developers through the government website. After you’ve found your property, you’ll then need to approach lenders to apply for a mortgage. 

    Consulting a mortgage broker experienced in shared equity mortgages at any stage of this journey can be extremely beneficial. Whether you’re looking to follow the shared equity route but don’t know where to start, don’t know what to look for in a property, need assistance finding a lender, or could do with some help submitting your application, expert guidance could be the key to unlocking your next home.

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