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Shared Equity Mortgage
Making your home more affordable
Your home may be repossessed if you do not
keep up repayments on your mortgage
Want to buy your own home but don’t think you can afford it? A loan from a government scheme and an RBS shared equity mortgage could make owning a home more affordable than you think.
If you’re buying your home through a Government-backed shared equity scheme, our shared equity mortgage could be just what you’re looking for.
We currently work with two government schemes:
- LIFT – the Low-cost Initiative for First Time Buyers. This scheme is aimed at Scottish buyers on low or moderate incomes who need help to buy their own home.
More on shared equity schemes in Scotland - HomeBuy Direct – is an English scheme available on some new build properties. It can help if you can’t afford to buy on the open market, and your household income is below £60,000 a year.
More on shared equity schemes in England
Our mortgage options
We offer bespoke mortgage rates for shared equity borrowers.
However, before you apply for an RBS shared equity mortgage, you must already be approved under a Government shared equity scheme.
First Time Buyer?
Check out our guide to mortgages, surveys, making an offer and more.
LIFT (the Low-cost Initiative for First Time Buyers scheme) is a Scottish Government administered scheme. It’s designed to help those on low to moderate incomes get onto the housing ladder.
How it works
A LIFT loan – provided by the Scottish Government – will be between 20% and 40% of the property purchase price.
To cover the balance, you need to provide a deposit of at least 5%, and you can apply for an RBS mortgage to cover the rest.
Who is eligible?
To qualify under the LIFT scheme, you should be a First Time Buyer and on a low to moderate income.
You could also be eligible under the LIFT scheme if your personal circumstances have changed – perhaps due to divorce – or if you have a disability that makes your current home unsuitable.
Before you apply for an RBS shared equity mortgage, you must be approved by the registered social landlord operating the scheme in your area.
Buying your first home?
Check out our guide to taking your first steps on the property ladder.
HomeBuy Direct helps people in England who need financial support to buy a home. It’s available on some new build properties.
How it works
HomeBuy Direct helps people in England who need financial support to buy a home. It’s available on some new build properties.
How it works
With HomeBuy Direct, you get an equity loan of up to 30% of the cost of your home. This is funded by your house builder and the government.
To cover the balance, you need to provide a deposit of at least 5%, and you can apply for an RBS mortgage to cover the rest.
Who is eligible?
HomeBuy Direct is for people with annual household earnings below £60,000 – and who can’t afford to buy on the open market. You should be buying for the first time, or a former homeowner who now needs help to buy – perhaps following a break-up or divorce.
Before you can apply for an RBS shared equity mortgage, you must be approved by your local HomeBuy Agent.
Buying your first home?
Check out our guide to taking your first steps on the property ladder.