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THE NEW
FACE OF
MORTGAGES
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Even if the rumoured property price crash actually
happens (and after reading the confl icting reports in the
papers, we’re as confused as you are!) the cost of housing
is going to have to plummet to almost unthinkable depths
before your average fi rst-time buyer can even think of equity scheme which diff ers from existing initiatives in two attracts a small monthly fee of up to 1.75% for the fi rst
taking the fi rst tentative steps on to the housing ladder. important ways. First off , instead of being limited to buying year, then increases by no more than the RPI plus 1%
Of course, it’s not all doom and gloom and, if you’ve been a property in a designated development, you get to choose each subsequent year, keeping costs down to an absolute
paying attention to the pages in this magazine, you’ll know your own property on the open market. minimum.
that there are all sorts of government-backed schemes to help Then, just as with traditional shared ownership, you
you on your way. These schemes have made some inroads apply for a mortgage on a percentage share of the home. For more information, register your interest with Metropolitan
into the UK’s acute aff ordable housing problem, and now However, rather than renting the remaining proportion, Housing by emailing mychoicehomebuy@mht.co.uk or by
there’s another way you can take that all-important fi rst step. the equity on the rest of the property is provided by an calling 0845 602 1784.
MyChoiceHomeBuy, launched in April 2008, is a shared approved housing association. This remaining equity

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