Orion Homes Equity Share Scheme

  1. Orion Homes Equity ShareScheme is available on Orion Homes new properties and Orion Homes part exchange properties.
     
  2. The Scheme is available to first time buyers, cash purchasers and Purchasers who have sold their existing property to a completed chain. In certain circumstances it can be used to assist a sale where a part exchange property is involved, perhaps where the part exchange property is low value compared to the price of the new property.
     
  3. It is not available to property investors.
     
  4. The purchaser acquires 100% of the property, (i.e. 100% of the legal title to the property).
     
  5. It is recommended that a mortgage be obtained through an Orion Homes approved mortgage broker who will have obtained approval for this Scheme with various mortgage lenders.
     
  6. The purchaser obtains a mortgage for the Equity Share Scheme price, which will be 75% of the full purchase price.
     
  7. Orion Homes will have a Second Legal Charge (known as the Equity Share Mortgage) against the property. A charge of £150 plus VAT will be payable by the purchaser on legal completion for the setting up of the Equity Share Mortgage.
     
  8. The Equity Share Scheme runs for a maximum of 10 years from the legal completion date.
     
  9. No monthly interest or mortgage repayments will be made to Orion Homes in respect of the Equity Share Mortgage.
     
  10. If a Purchaser wishes to repay the Equity Share Mortgage the Purchaser would repay to Orion Homes the greater of:
    1. 25% of an agreed open market valuation or
    2. the original Equity Share Mortgage figure
       
  11. If the property is sold the Purchaser will repay to Orion Homes the greater of:
    1. 25% of an agreed open market valuation or
    2. the original Equity Share Mortgage figure
       
  12. If the property is occupied by anyone other than the Purchaser, at any time within the term of the Equity Share Mortgage, the Purchaser will repay to Orion Homes the greater of:
    1. 25% of an agreed open market valuation or
    2. the original Equity Share Mortgage figure
       
  13. If the Equity Share Mortgage is not redeemed until the end of the term, the Purchaser will repay to Orion Homes the greater of:
    1. 25% of an agreed open market valuation or
    2. the original Equity Share Mortgage figure
       
  14. The Purchaser will be responsible for all costs incurred when redeeming the Equity Share Mortgage.