Shared Equity… your questions answered
Q: When does the remaining outstanding balance need to be repaid?
A: You simply pay back the outstanding balance of the market value of the property when you sell or transfer, or within 10 years, whichever is sooner. There is no interest or rent to pay on the balance in that entire 10 year period.
Q: Am I able to pay the outstanding balance without selling the property?
A: Yes, you can repay the loan at any time during the 10 year period, subject to a market valuation of the property.
Q: How is the market value of the property arrived at?
A: The market value of the property is determined by the average of three independent valuations.
Q: Does Shared Equity let me buy to let?
A: No, this scheme is only available if you are buying a Countryside Properties home as your personal residence.
Q: Will I have to pay anything else?
A: On full or part repayment of the outstanding balance you will be required to pay solicitors and valuation fees.
Q: Will I have to sell before I pay you?
A: No, and it's possible to repay us in part, or in full, whenever you want - subject to a valuation at that time.
Q: What happens if I can't repay the outstanding balance within 10 years?
A: Should financial difficulties occur, we will look carefully at your situation and may decide to extend the loan period for a further 5 years.
Q: What if there is a change in the market value of the property?
A: At resale, your repayment will be the relevant percentage of the market value whether that is more or less than the purchase price. In the illustration below, we have assumed the percentage equity share taken by Countryside Properties to be 20%.
Value on Purchase |
Equity Share of CP |
Value on Sale |
You repay to CP |
| £160,000 |
£32,000 |
£180,000 |
£36,000 |
| £160,000 |
£32,000 |
£140,000 |
£28,000 |
Availability
Please see Shared Equity Scheme for availability.