Ownhome

If you would like to buy your own home but you are not eligible for a mortgage for the whole amount, Ownhome may be the scheme for you.

If you are eligible for Ownhome, you qualify for an interest free loan for five years to top up the amount you use to purchase a home. After five years you will be charged a fixed interest rate of 1.75% interest on the Ownhome loan each years.

After a further five years (ten years in total) you will be charged a fixed interest rate of 3.75% for the rest of the loan periodIt is an interest only loan and no capital is repaid through these monthly payments to reduce the overall amount you have borrowed.

It is an equity loan - which means it is based on a percentage of the value of the property. For example if you qualify for £120,000 mortgage, you may borrow a further £80,000 through an Ownhome loan.

To be eligible you need to be:

• A first time buyer or
• A homeowner whose circumstances have changed to mean you need a new home or
• A public sector key workers  or
• A social housing tenant or
• On a local authority waiting list
• You must have a household income of less than £60,000 per year

 For more information and to find out if you are eligible, contact us.

Last updated: 30-04-2009