This scheme is an equity loan of between 20% and 40% of the purchase price provided in partnership with the Housing Association Places for People and Cooperative Financial Services which can be used in conjunction with any conventional mortgage from the Cooperative bank.
There are no interest payments on the Ownhome loan for the first five years. After five years you would be charged a fixed rate of 1.75% interest on your Ownhome loan each year. After a further five years this would increase to a fixed rate of 3.75% per annum.
The Ownhome is an equity loan – which means it is a percentage of the value of your property. So the amount you owe increases or decreases with the rise or fall in the value of your home. The greater the increase in the value of your home, the more you will have to pay back.
If you would like to apply please call Ownhome on 0845 607 0110 or visit www.ownhome.co.uk |
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