How does Open Market HomeBuy – 25% government and lender equity loan Work?
Purchasers will need to raise 75% of the purchase price through a mortgage with one of the lenders jointly-funding the scheme. (The Advantage product offers flexible equity shares). The other 25% of the property value is raised through a 12.5% equity loan from the mortgage lender and a12.5% equity loan from the government via the HomeBuy Agent. The government equity loan is a second charge against your property.
Related Questions
- How should we report an Open Market HomeBuy scheme, where the loan consists of both a conventional mortgage loan and an equity loan?
- Will Open Market HomeBuy – 25% government and lender equity loan be more expensive than other mortgage products?
- How much will I get if I purchase through Open Market HomeBuy – 25% government and lender equity loan?
