Shared equity with Redwing Living
At Redwing Living, we specialise in helping you get both feet firmly on the property ladder. Shared equity is an affordable and accessible way into home ownership, and one of many routes that we offer.
What is shared equity?
Shared equity is an easy way of affording your own home. You buy a property as normal, but with one exception – you don’t buy all of it. Under shared equity, you will normally buy an 80% share in a property, with the remaining 20% owned by Redwing Living. Unlike shared ownership however, you won’t need to pay any rent on the remaining 20%, although you cannot staircase and buy more shares in your property - the remaining share is owned by Redwing Living. Shared equity provides advantages for both parties.
For you as a buyer, the advantage of shared equity is that you won’t need to pay rent, and because you’ll be getting a mortgage for 80% of the property, your deposit and monthly repayments will be less than outright sale. For Redwing Living, we retain 20% of ownership, so when the time comes to sell your home, we will be entitled to 20% of the sale price.
Is it right for me?
To be eligible, your household income will need to be no more than £80,000
• Each application will be assessed on its own merits
• Priority is given to serving military personnel and former members of the British Armed Forces discharged in the last two years.
Shared equity shares its eligibility criteria with our shared ownership buying option.