2nd-Mortgage

Shared equity mortgage is a new form of joint mortgage that the Government is promoting in order to help first time buyers purchase property. In this kind of a home loan, the lender gets a share of the equity of the home in exchange for providing a portion of the down payment. When the home is later sold, the lender is entitled to participate in the proceeds from the resale. Shared equity is a new concept in the United Kingdom. The chancellor of U.K. struck a deal with three of Britain’s biggest lenders – HBOS, Nationwide Building Society and Yorkshire Building Society – where the lenders along with the government, will share some of the cost of buying a home in England. Shared equity is the basis for the Government’s Open Market ... Read More »