Shared equity is a government-backed scheme that helps first-time buyers and those with a low income to purchase a home. It involves buying a property with a mortgage from a lender and a loan from the government, which is secured against the property. The government loan is interest-free for the first five years, and after that, it charges a reduced interest rate.
Shared equity can be a great way to get on the property ladder, as it can make it more affordable to buy a home. It is also a flexible scheme, as you can choose to buy a share of between 25% and 75% of the property. This means that you can tailor the scheme to your individual needs and circumstances.