Shared Equity Home Plan :: Current Offers :: Developments
What is shared equity?
It is a plan which allows you to move into your beautiful new home for just 80% of the purchase price now.
How much does it cost?
If the current purchase price of the new-build property is £250,000 and we retain 20% of the equity you will be able to purchase your new home for £200,000.
How much interest will you have to pay on the 20% balance?
None whatsoever. We would only retain a 20% equity share in your property and recover this share when you decide to sell the property or at the end of a 10-year period, whichever is the earlier.
Would I be allowed to buy back the 20% equity at a later date if my circumstances change?
Yes of course at any time over the next 10 years by when the 'buy back' will become due. And when you do decide to by it back, you simply pay us 20% of the market value at that time with no interest due to Thomas Mitchell Homes.
Does this mean that Thomas Mitchell Homes would own a 20% share of my home?
No. This is not a shared purchase plan. It is a shared 'Equity' plan. You would own your home 100%, and we would simply secure our investment through a second charge on the property. Your mortgage lender would always hold first charge over the property at all times.
What is the advantage of shared equity?
Put simply, it helps you buy the desired property in the location you've always dreamed of having but may have not been able to afford previously. Even if you can afford to pay the full price, you may prefer not to tie up all you capital in your property so than you have more disposal income to spend.
How do I find out more?
Simply call into any of our Sales & Marketing Suites or call our Head Office on 01592 774401.
All offers are on selected plots on selected developments only. Terms and conditions do apply, please contact us for further details. All offers are individual and cannot be used in conjunction with any other offers.
DEAL OF THE WEEK AT OAKWOOD CUMBERNAULD
ONLY ONE CARLYLE REMAINING
Stunning 3-storey 5 bedroom home
WAS £299,000 NOW £250,000
A GENUINE SAVING OF £49,000
