Has anyone had any experience of this company?

Senior_Paper_Monitor

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 Holder

Maximum Percentage Retained by Equity Share Holder (%)

Volume Builder i.e. regional, national

25

Government

50

Family Member

50

HomeBuy Direct

30

Housing Associations/Registered Social Landlord

50

Selected Employers*

50

Local Authority

50

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)

How the schemes compare


Frankly the detailed structure is unimportant - this is fraught with danger if it works at all.

Conrad

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.

JQ.

Conrad wrote: »

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.

kingstreet

Conrad wrote: »

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.

Did you miss the bit about the vendor giving up 5% of the value as well. We're talking 5% + £3k here. :eek: