Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
In London the entry price of attractive property is becoming more challenging and many first and subsequent buyers find they cannot afford the right property in the right area because of the limits on affordability imposed by lenders.
Now there is an alternative new way to approach this problem and it applies to almost any property you want to buy. This innovation has seen the launch of new types of Shared Equity mortgages that help people share the risks of home ownership with the lender.
One such product, available through Chesterton Private Finance is Flexishare, launched in July of this year by Advantage, the innovative lender part of Morgan Stanley.
Because the lender is effectively taking a share of the property and any increase in its value, they can reduce the cost of the shared equity part of the loan. As this decreases the cost it means that they can lend more against your income safely than you could get with a conventional loan.
If you want to see how much you could borrow under a shared equity mortgage call one of our experienced mortgage consultants now on 0800 138 5440 or click here to arrange a call.