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Nationwide joins Govt’s new shared equity scheme

Nationwide has confirmed it will be taking part in the Government’s new shared equity scheme.

It says it will launching a My Choice HomeBuy shared equity product from June 10.

This is one of the Government’s new schemes introduced on April 1 to replace the old Open Market HomeBuy scheme.

As part of this scheme, a housing association will provide an equity share loan between 15 per cent and 50 per cent of the purchase price.

A deposit is not required but an applicant can supply one if they wish.

The housing association will charge an annual fee. In the first year this is 1.75 per cent of the equity share loan. A portion – one twelfth – of this fee is collected monthly. The fee rises each year.

Nationwide says these applications are processed as equity share cases and must be submitted to the broker’s usual service centre on a paper application form together with the equity share questionnaire.

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