Shared Equity
What is Shared Equity?
- You buy 100% of a new home but pay an agreed percentage of the purchase price.
- Interest of 4% over base will be charged on the Equity percentage taken.
- When you sell, or after 15 years (whichever is sooner) you pay back the equity plus the interest accrued.
- You own 100% of your property from the date of completion. This is not a shared ownership scheme.
- Coast Developments’ position is to be protected by means of a Legal Charge.
Example:
Bungalow Valued at £250,000
40% Equity at £100,000
You pay £150,000 on purchase of the property to Coast Developments
After 15 years you pay to Coast Developments £100,000 plus interest accrued
