Equity Share

EquityShare calculator

You need a minimum deposit of around 6.5% (9% for properties of £250K and above). If you leave Deposit blank, the calculator will assume you have 10%.

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Mortgage indemnity scheme

In his Autumn Financial Statement, published 29 November 2011, Chancellor George Osborne promises to help 100,000 families by guaranteeing people's mortgages up to 95%. This should make it easier and cheaper to get 95% finance. Sounds too good to be true: is there a catch?

Well, yes: it's only on newbuild properties. So if you were hoping the government would help you get a 95% mortgage for that nice older property you've got your eyes on, forget it. The reason for this is that the Coalition government needs to boost its output of new houses - so as to have an answer for its critics in Parliament. After all, they're human like the rest of us.

Will the new indemnity scheme make houses cheaper to buy than with Equityshare? We shall see. The devil's in the detail as they say. Our bet is that: (1) it won't make mortgages all that much cheaper; (2) only people with the best credit need apply; and (3) there will be a lot of red tape and eligibility criteria to comply with. And as above, your choice will be restricted to newbuild and probably, certain developments only. Here the problem is to know for sure whether you're getting value for money. Developers often put some 'fat' into their prices. There is a special name for this: the 'newbuild premium'. You have been warned.

As you can guess, therefore, we still think that Equityshare is the best house buying option. And by the way, it's not restricted to second hand property. You can buy any house, any time, as long as you can afford it. And why not negotiate the builder down to a really low price, then finance it with Equityshare? 

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