MyChoiceHomeBuy

What is MyChoiceHomeBuy?

This option offers shared equity loans towards the purchase of a home of your choice on the open market. This can be a second-hand property or a brand new home from a private developer.

How does it work?

You choose a suitable property (usually through an estate agent or a private developer) and apply for an equity loan of between 15% and 50% of the property's market value. There is a low monthly interest charge on the loan of 1.75% per annum, which increases annually in line with inflation. You will need to raise a mortgage to purchase through this option. You can also use any savings you may have to contribute as a deposit towards your purchase.

What are my options after buying through MyChoiceHomeBuy?

You can redeem (pay off) all or part of the equity loan at any time during your mortgage term. At the end of your mortgage, the equity loan must be redeemed in full.

If you wish to sell your property, the loan is repaid as a percentage of the market value at the time of sale.

Tailored Home have a team of consultants available to talk about Homebuy as well as finding your next home, call us today on 0845 838 7143 or email us at info@tailoredhome.co.uk