Your first step is to register as a Resident Partner
- Our Partner Application Information form is simple and quick to complete.
- This tells us all we need to know to provide you with an illustration of all the costs that will be involved.
- You may then make as many “What if?” calculations as you like. At this stage, there is no credit check or creation of a credit agency footprint.
- Once you have found a house-price that fits your monthly budget, hit “Make Application.”
- Approval is usually very quick, and then you are in a position to make or confirm an offer on your dream home.
How much will this cost me?
- The house purchase price – our negotiators can help you purchase the property for the best possible price. Joint Equity will then pay half of that in cash, and you will be responsible for the other half.
- You will need a minimum deposit of 5% of the property purchase price.
- For instance, if the property is bought for £150,000, you would need a minimum deposit of £7,500.
- The remaining 45% of the original purchase price you will then settle via monthly mortgage repayments.
- In our example above, with a purchase price of £150,000, your 50% share will have cost £75,000. If you paid the minimum deposit of 5%, i.e. £7,500, this would leave you requiring a mortgage of £67,500.
- You can choose any mortgage product you like. You can choose a regulated mortgage advisor from our panel, and take advantage of their experience in Joint Equity purchases, or look for one of your own.
- Want to pay more than a 5% deposit? No problem. You can pay any amount you like in cash, up to your full 50% share.
- The other expenses of purchasing a home – again, Joint Equity will pay half of most of these expenses.
- For instance, we will pay half of any stamp duty and half of the annual buildings insurance. We will even organise that insurance for you.
- All of the costs involved are clearly laid out in our Joint Equity Partners Contract, a copy of which can be downloaded and read at any time.
- You must read and sign the Joint Equity Partners Contract.
- A conveyancer from the Joint Equity approved list is then appointed, jointly by you and us.
- A survey of the property is made.
- Once the purchase process is complete, you can move into your own home.
Why do Joint Equity do this?
- Each Joint Equity Investment Partnership invests in around forty-five to fifty properties similar to your own.
- We aim to keep our share of each property for at least 25 years. We are looking for good properties that will increase in value, and good Resident Partners who will look after those homes and stay with us.