| Expanded Open Market HomeBuy Two equity loans – each worth around 12.5% of the value of your home – are provided: the first is provided by the same participating lender that you select to provide your conventional mortgage loan; and the second is provided by the Government and administered by a HomeBuy Agent – a housing association in England that has been appointed to operate the product.
Open Market HomeBuy (Government Loan Only) One equity loan - worth up to a maximum of 17.5% of the value of your home or £50,000 - which ever is lower - is provided. This loan is provided by the Government and administered by a HomeBuy Agent.
For both products there is no charge, interest or monthly payments levied on the equity loan provided by the HomeBuy Agent. For the EOMHB product there is no charge or interest levied on the loan by the participating lender for the first five years.
However, when repaying the equity loans, the homeowner will have to share any increase in the property’s value with the lender (for EOMHB) and the HomeBuy Agents. |
