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Schemes for specific groups of borrower (Government schemes (Discount…
Schemes for specific groups of borrower
Shared Ownership
Property Purchased
Buyer purchases 25%-50%
Provider retains remainder
Rent due
Staircasing - Buyer purchases further shares.
SDLT
Paid initial purchase price
no further SDLT liability on staircasing
SDLT becomes chargeable on 80% ownership
Equity Share
Property Purchased
Borrower buys a share
Lender retains equity share
Developer retains equity share via second charge
Government schemes
Help to Buy
Help to Buy shared ownership
25%-50% ownership
Max income 80k (90k London)
Provider rent max rent 3% of % ownership
Help to Buy Equity Loans
Only property
10%-20% Gov. loan
Min 5% deposit
25-75% purchase price
No interest 5yrs (1.75% 6+ yrs)
Min 10% PV repayment
Repayment on % sale price
London
40% Gov. loan
Min 5% deposit (55% purchase price)
£1 mth fee, yr 6 1.75% interest charge
Mortgage Guarantee scheme
Gov. back insurance scheme to cover losses
Rent to Buy
7yrs max 80% local rental rates
60k max income
First refusal to buy
Discount starter homes
Aged - 23-40
20% PV discount
Max PV 250k/ 450k London
Unable to rent/resell within 5 years