- How does it work?
- A mortgage is arranged on 80% of the purchase price. The remaining 20% balance becomes a second loan from Lowena Homes Ltd, secured on the property but with no interest or rent to pay. You can purchase more of the value of the home depending on your circumstances.
Please be aware that a minimum deposit of 5% is required.
- When do I repay the remaining balance?
- You simply pay us 20% of the market value of the property when you sell or transfer - or within 10 years, whichever is the sooner.
- Do I have to sell before I pay you?
- You can repay us in part, or in full whenever you like, subject to a valuation at that time.
- Is there anything else to pay?
- Yes, you pay Ground Rent and a Maintenance charge. The Legal Fees are paid by Lowena Homes Ltd.
- How is a valuation figure arrived at?
- When you make full or part repayment, the market value of the property will be determined by the average of two independent valuations appointed by Lowena.
- What if the property price goes down?
- Your repayment will be 20% of the market value, whether that is more or less than the purchase price.
- Can I buy to let?
- Yes you can.
- What if I can't repay the outstanding balance within 10 years?
- In cases of severe financial difficulty we will look at the situation and the loan period may be extended up to a further 5 years.
- for example:
- The purchase price is £160,000 - You pay 80% which equals £128,000
The house is later sold for £180,000 - You pay Lowena Homes 20%, which equals £36,000
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- To take advantage of the Lowena Homes Shared Equity Scheme, you must reserve and complete by an agreed date.
The offer is available on selected Lowena Homes Ltd apartments, for a limited time only.