Ownhome Homebuyer

What is Ownhome?

This option offers shared equity loans towards the purchase of a home on the open market. Ownhome is offered by Places for People with the Co-operative bank.

How does it work?

You choose a suitable property (usually through an estate agent) and apply for an equity loan of in between 20% and 40% of the property's market value. There are no interest payments for the first five years. After five years there is a fixed rate interest charge on the loan of 1.75% per annum. After a further five years this increases to a fixed rate of 3.75%. You will need to raise a mortgage through the Co-operative bank to purchase through Ownhome. You can also use any savings you may have to contribute as a deposit towards your share.

What are my options after buying through Ownhome?

You can redeem all of 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.

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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