FTB – shared equity question…

bobmoo79

Hello,

I’m a FTB and am a little confused about how to negotiate with a developer over a shared equity scheme.
Is it possible to negotiate a lower price for the property and then take advantage of a shared equity scheme on that lower price?
Or will the developer insist that if a shared equity scheme is the required deal, it MUST be on the full asking price?

Looking forward to your help!

Many thanks,

Chris.

paul4788

Yes you can negotiate however you will still only get a mortgage advance on the purchase price.

For example if its 50% shared equity and the purchase price is £100,000 you will still only be able to borrow on £50,000.

You will also still have to raise a deposit on your share.