Rezide Equity Loan
Reach your goal of homeownership with just a 5% deposit and the new shared equity mortgage product from Rezide.
Are you a first-time buyer or home mover finding that 10% deposit just out of reach? The new Rezide Equity Loan offers a welcome helping hand, stepping in to bridge the gap left by the Government-funded Help to Buy Scheme, which came to an end in 2023.
With this thoughtful initiative, aspiring homeowners who may have previously been held back by affordability can move forward with confidence, needing only a 5% deposit to unlock their next step on the property ladder.
Available across all Charles Church developments in England and Wales, Rezide could be the key to securing the beautiful new home you’ve been dreaming of.
How the Rezide Equity Loan works
The loan works in a similar way to the Help to Buy scheme. Let’s break it down in 4 simple steps:
- Eligible buyers put down a 5% deposit, and take out a Rezide Equity Loan equating to 15% of the home’s market value. You can then borrow the remaining 80% from mortgage partner TSB and Barclays.
- The 15% equity loan is a minimum of £15,000 and a maximum of £100,000, making the maximum property price for the product £667,000.
- The repayment value of the equity loan will adjust up or down in the same way your home’s value will. The loan is interest-only and has a fixed interest rate of 4%.
- Full repayment of the loan is due when you sell your home or reach the maturity date of the mortgage. You could also repay it at any time before this, without incurring early repayment charges.
Watch our video to discover Rezide
What is an Equity Loan?
An equity loan allows you to access additional funds at a 4% fixed interest rate. You’ll take an 80% LTV standard mortgage from Barclays or TSB, alongside a second charge loan set at 15% of the property value.
You may also hear equity loans described as a home equity loan or a second mortgage.
How do I apply?
Once you’ve found a Charles Church home that feels right for you, simply speak to our expert sales advisors about the buying schemes available.
If the Rezide Equity Loan catches your eye, you’ll be introduced to one of our recommended financial advisors. They’ll guide you through the details, help you understand whether the product suits your circumstances, and offer clear, tailored advice.
Your mortgage advisor will then liaise with you and the lenders to progress your application and secure your mortgage offers. They’ll also help coordinate with your solicitors, supporting you all the way through to completion on your new Charles Church home.
Who is eligible?
The Equity Loan is available to both first-time buyers and existing homeowners and is subject to standard lender eligibility criteria. Your recommended financial advisor will confirm your eligibility as part of their financial assessment.
Where is Rezide Equity Loan available?
The great news is that the scheme is available across all Charles Church developments in England and Wales, giving you even more choice when finding your perfect sanctuary.
FAQs
Monthly payments will be confirmed by the financial advisor through the key illustration documents, so that you're fully aware of your monthly financial commitments.
Rezide Equity Loan is available on all developments across England and Wales.
Yes, subject to availability. If there’s a Charles Church home you love but you don’t have the standard 10% deposit that’s usually required, and you qualify for the Rezide Equity Loan, you might be able to use the product to boost your affordability and purchase the home.
Terms & conditions
- You must be a UK resident and the main buyer needs to be at least 21 at the start of the loan, and no older than 75 at the end of the loan term.
- The home you buy with the scheme must be your residential home, it cannot be used for buy-to-let, as a holiday home or for any commercial purposes.
- You must contribute a minimum 5% of the property value as a deposit, and pass the lending criteria.
- The Rezide loan has a fixed interest rate of 4% for the entire term.
- Homebuyers can repay part or all of the Rezide loan at any time without early repayment charges.
- You must be able to secure a mortgage from a qualifying lender for a maximum of 80% of the purchase price.
- The maximum purchase price for a property is £666,000.
- The scheme is available on new homes in England and Wales only.
- Rezide is not limited to first-time buyers; it's available to all eligible homebuyers.
- The Rezide shared equity mortgage loan is only available through Charles Church's panel of recommended New Homes Mortgage Advisers.
Looking for more ways to make your move feel even more achievable? Explore our other thoughtful buying schemes designed to help you take that next step with confidence.
- Deposit Boost - If you’ve saved a 10% deposit for a Charles Church home, we could boost it by providing an additional 5%, giving you a total deposit of 15%.
- Deposit Unlock - You could buy a new home with a deposit of just 5% using the mortgage guarantee product Deposit Unlock.