DEVINE HOMES EQUITY SHARE MORTGAGE SCHEME

With the Devine Homes Equity Scheme you can own 100% of your home but pay only 85% now.  We secure our equity with an interest-free loan agreement and a second charge on your home.

Key Facts:

• You own 100% of your home for 85% of the price now.
• You pay NO interest OR rent on the other 15%.
• You have up to 10 years to repay the outstanding 15% at market value.
• Your home is 100% yours from day 1.

What happens when I sell my house ?

You pay your mortgage provider, we get back our investment of 15% of the price you sell at and what’s left is yours.

Example:

• Price of your new Devine home is £200,000.
• 85% received by Devine Homes at legal completion = £170,000 (Many lenders will loan 100% of this amount)
• Devine Homes take a second charge of 15% of the price.
• If you sell within 10 years, then you repay Devine Homes 15% of the sales price.
• If you still own your home at the end of the 10 year period, you repay 15% of the value of the property.  This is determined by taking the average of two independent valuations with Valuers being instructed by Devine Homes.
• If after 10 years you are unable to afford to repay the equity share, the repayment date may be extended for up to a further 5 years.
• If your circumstances change during the 10 years, you can repay all or part of the equity share early in 5% stages.
• This scheme is unfortunately not available for “buy to let” purchasers.
• This scheme is only available on selected units on specific sites.