What is Shared Equity?
Through the scheme you can buy a property for a percentage of its overall value, which means you pay more affordable monthly mortgage payments, with Gŵyr Homes funding the remaining share. Unlike shared ownership there is no rent to pay on the Gŵyr Homes' share. To buy your percentage of the purchase price you will need to arrange a mortgage from an approved lender.
When you sell your home the sale price will be split between between you and Gŵyr Homes with respect to the relevant percentages.
The cost of buying your own home
You must seek advice from an independent financial advisor to ensure that you can comfortably afford the mortgage repayments. We will often ask for a mortgage in principle certificate from a recognised lender for verification. You must also bear in mind that there are additional costs to pay for when buying a home. For example, you will need to pay for a survey and legal costs and land registry fees.
