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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Buying your first property

This may seem scary, but actually it's quite straightforward, as long as you follow a few simple rules.

1.  Find a property that fits your price bracket.

2.  Check you have enough cash to pay a 5% deposit plus the usual costs of purchase (lawyer's fees, our upfront fee, mortgage valuation, etc). If you have a bigger deposit, so much the better.

3.  Speak to a mortgage adviser and get a mortgage offer in principle. This is known as a 'Key Facts Illustration' or KFI. The mortgage will be for either 90% of the purchase price or something less (typically 75%). 90% mortgages are expensive and applications can easily get rejected at what is known as the 'underwriting' stage. For instance, there are stories of people being kicked out merely because they don't have a credit card (and so have no 'credit record'). You would think they would be glad you were careful with spending, but forget it!

4.  If you want peace of mind, go for a 75% mortgage. Then, unless you happen to have a 25% deposit, or can get it from the Bank of Mum and Dad, you need to research equityshare as an option for paying part of the deposit. You can do this by trying the Calculator or by visiting the Contact Us page. If we approve your application in principle, we will give you a quote like any mortgage adviser would.

5.  Once all your ducks are in a row, you can make an offer for the property. Bear in mind that as a first time buyer, you have a strong advantage in that you don't have a property to sell. Vendors love cash buyers, because it cuts out all those chains. So, put in an offer well below the purchase price and see if you can strike a deal. Be prepared for a bit of horse trading.

6.  Once your offer is accepted, both parties will appoint solicitors and it will get serious. Remember to ask a quote for your legal fees before you commit.

7.  If all's well, the mortgage valuation will come out at or higher than the price you have agreed; if not, you may have to drop your price. Once the valuation box is ticked, you will usually receive a mortgage offer, and at the same time we will make you an offer of formal equityshare funding. You are now in a position to exchange contracts and soon afterwards (28 days max) the sale will 'complete' and you will be the new owner.

8.  Have fun!