Available Mortgage schemes
Shared Ownership
At Endurance Mortgages we understand that you may not be able to afford a full share of a home. Shared Ownership offers you the chance to buy a share of the home, ranging from 25% to 75% of the property value. You will then pay rent on the remaining share to allow you to get onto the property ladder.
With Shared ownership you could buy a bigger share when you can afford too this is called staircasing.
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
First Homes scheme
The First Home scheme is linked to buying a new build home. The property is sold at a discounted price to first time buyers.
As a customer you will still have access to standard mortgage products along with benefitting from a discount of the market purchase price. This can range from 30% to 50% dependent on the local council.
If you decide to sell the property in the future the same discount will be passed onto the next homeowner. This scheme means all future owners who are first time buyers will benefit from the discount going forward.
Deposit Unlock
Another scheme which is linked to new build properties only. This scheme will allow you to buy at a higher loan to value limit on a new build property(95%), while the housebuilder takes out an indemnity insurance to support the purchase.
The housebuilder pays a percentage of the purchase price into an insurance policy called an indemnity, this is to support the purchase. The insurance policy then reduces the risk to the lender, protecting them against potential losses in the event of the mortgage being defaulting.
Unlike the first home scheme this is available to both first time buyers and home movers.
Green Mortgages
Green Mortgages are available from some lenders where the property is an A to C EPC (Energy performance certificate) rating. This would mean your property would be energy efficient meaning a lower impact on the environment.
Having a property which qualifies as energy efficient can come with discounted mortgage rate.
Own New
Own New is available from some lenders on new build homes, from as little as a 5% deposit.
This scheme will provide homebuyers with lower monthly mortgage payments for an initial 2 or 5-year period. This can help affordability for first-time buyers and existing homeowners to move into their dream home.