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Has anyone had any experience of this company?
Comments
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If it becomes true shared equity then the mortage companies will simply not accept it (see a couple of example criteria below) - hence I believe its structured on a second charge (the value of which may not reduce with any house price decline.
Lending terms - acceptable and unacceptable equity share holders
We will only accept specific types of equity share holders as follows:
Equity Share HolderMaximum Percentage Retained by Equity Share Holder (%)
Volume Builder i.e. regional, national25
Government50
Family Member50
HomeBuy Direct30
Housing Associations/Registered Social Landlord50
Selected Employers*50
Local Authority50
This section gives an overview of the schemes we're able to accept. You can also compare the features of the schemes. Click on the relevant link to find out more.- HomeBuy
- First Time Buyers' Initiative (England)
- LIFT - Low-cost Initiative for First Time Buyers (Scotland)
Frankly the detailed structure is unimportant - this is fraught with danger if it works at all.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Cannot see any lender accepting this, particularly where a second charge is retained by the seller.
Just another muppet scheme that will come and go where the only winner will be the business owner. £3000 for a valuation!! Thats about 10 x normal. THATS how they will make money up front, REGARDLESS of the outcomes for clients.0 -
Cannot see any lender accepting this, particularly where a second charge is retained by the seller.
Just another muppet scheme that will come and go where the only winner will be the business owner. £3000 for a valuation!! Thats about 10 x normal. THATS how they will make money up front, REGARDLESS of the outcomes for clients.
I can't see any private sellers accepting it either.0 -
Did you miss the bit about the vendor giving up 5% of the value as well. We're talking 5% + £3k here. :eek:Cannot see any lender accepting this, particularly where a second charge is retained by the seller.
Just another muppet scheme that will come and go where the only winner will be the business owner. £3000 for a valuation!! Thats about 10 x normal. THATS how they will make money up front, REGARDLESS of the outcomes for clients.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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