Buying 'second hand' shared equity house?

samo8076

Hi,

My partner and I are interested in buying a 'second hand' shared equity house in North Wales. I believe the house is 5 years old as it has 5 years warranty left.

Anyway, how does this work as far as the shared equity goes? Do i have a number of years to pay it back? I read up on the official site that after 5 years of a new purchase you have to start paying the remaining equity either in a lump sum or agreed monthly amount. Would this be the same for us?

Thanks in advance.

kingstreet

The equity loan must be repaid by the vendor from the sale proceeds. It does not transfer to a purchaser.

tlc678910

I think there might be some confusion between a Help to buy equity loan where you start to pay interest on the loan after five years and a shared ownership property where you buy part of the property with a mortgage and pay rent on the rest?

samo8076

Thanks for the replies. The description on the advert reads: Offered for sale on the 70/30 shared equity basis for £115,500 (70% price)

davidmcn

samo8076 wrote: »

I read up on the official site

Which "official site"? Are you sure it relates to the same scheme as the property?

kingstreet

It sounds more like shared ownership to me as well, reading that.