Ascent is pleased to offer a range of after sale services to customers who purchase their homes with the support of a shared equity loan from one of the following: Metropolitan Thames Valley Housing Association, Persimmon Group Companies, Derwent Shared Equity LLP, Rutland Shared Equity LLP and Thirlmere Shared Equity LLP.
Ascent has been appointed to handle any enquiries you may have.
We can provide you with support regarding various property related activities – please see below. Full information packs can be accessed by clicking on our “Info and Literature”* sections where you will also find a list of fees payable for each transaction type.
For each property related activity, please contact us on 0333 010 0067 and gain permission before you proceed.
Re-Mortgaging
This describes when you move your mortgage to a new lender or change your mortgage with your existing lender. A condition of your Equity Loan is that you must not re-mortgage your property without prior approval. We will guide you through the process and will seek approval on your behalf.
Subletting
This describes when you wish to sub-let all or part of your property to someone else. Requests to sub-let will generally only be considered for members of the Armed Forces who are posted more than 50 miles or 90 minutes travelling time away from home. If this applies to you, we will guide you through the process.
Partial Redemption
This describes repaying part of your Equity Loan without selling your home. It’s sometimes referred to as “staircasing”. You may be permitted to repay part of your Equity Loan, although this is usually subject to a minimum payment.
Additional Borrowing
If you wish to borrow against your home, including taking out further advances, this will only usually be considered either when you are borrowing to repay some or all of your Equity Loan, or if you need to make essential modifications/improvements to your home for hardship reasons brought about by a change in personal circumstances. Please contact us on 0333 010 0067 to discuss your circumstances.
Home Improvements
This describes the process of making structural alterations or extensions to your property. Your Equity Loan was intended to help new buyers acquire their home, so you should consider repaying your Equity Loan before making plans for improvements or alterations. However, we will review cases in special circumstances. For example, you may need to adapt a property because of a disability. If you are interested in making alterations or improvements and believe your circumstances may fit the criteria, please contact us on 0333 010 0067.
Repayment
This describes the process where you repay your Equity Loan in full.
Full repayment will be required when your Equity Loan matures. You will also be required to repay your Equity Loan in full if you sell your home.
Alternatively, you may wish to remain living in your home and use another source of funds to repay your Equity Loan. This is sometimes referred to as “redeeming your Equity Loan’. The amount you have to repay is based on the current market value of your property multiplied by the equity share percentage which was agreed when you received the Equity Loan (subject to any previous partial redemptions you’ve made). You’ll also have to pay any outstanding interest (if applicable) and costs which are due on the date you repay your Equity Loan.
Equity Loan: FAQ
What is an equity loan?
An equity loan is a type of loan where you borrow money against the value of your home, using the equity (the difference between your home’s current market value and what you owe on your mortgage) as collateral.
How it works
• You borrow a sum of money, which is typically a percentage of your home’s value.
• You repay the loan, along with interest, over a set period.
• If you default on the loan, your home may be at risk.
Common uses
Equity loans can be used for various purposes, including:
• Consolidating debts
• Paying off credit cards
• Funding home improvements
What does market value mean?
It is important you understand the basis on which your property is valued when calculating the amount you may have to pay if you are repaying your Equity Loan in full or partially or you are changing the ownership of your property.
The market value for these purposes is the price a willing buyer will pay to a willing seller on the open market with vacant possession on the basis that you have fully and properly maintained, repaired and decorated your property.
If you are selling the property you must agree the market value with Equity Loan Provider by contacting Ascent on 0333 010 0067 before you agree your sale
How will my Interest fees be collected?
Interest Fees are usually paid in monthly instalments and our team will collect your Interest Fee by direct debit.
Ascent will contact you at least a month before your fees are due, to set up your repayment arrangement.
It is important that you pay the Interest Fees due on your Equity Loan as stipulated in your Equity Loan terms and conditions.
Please ensure that you contact us on 0333 010 0067 to arrange payment.
Your home may be at risk should you fail to make these payments.
My Equity Loan has expired, what do I do next?
Our team will contact you in advance of your loan maturing by way of reminder. It is important that you make arrangements to repay redeem your equity loan in full on or before the expiry date.
What if I cannot afford to pay my equity loan?
If you’re unable to repay your equity loan, please contact us at the earliest opportunity to discuss your situation and the options available to you.
Ignoring the situation could result in your home being put at risk. Please call us on 0333 010 0067 to discuss your situation and allow us the opportunity to work with you to find a solution.
We also encourage you to seek independent advice and help
What happens if I don’t pay my Interest Fee and/or Equity Loan on redemption?
It’s important you pay the interest fees due on your equity loan as stipulated in your terms and conditions. Your home may be at risk should you fail to make these payments.
Your home may be repossessed and sold to repay your outstanding equity loan. It’s therefore very important that you call us as early as possible on 0333 010 0067 if you feel you’re not able to repay your equity loan and we can discuss your situation and options available to you.
We also encourage you to seek independent advice and help.
Will Costs and/or Interest be added to my debt?
Interest will accrue on your account, in line with the agreement you have with your equity loan provider.
Should it become necessary to commence proceedings to repossess and sell your property, you will also be liable for the associated costs.
How can I contact you?
You can call our team from Monday to Friday, 8.30am – 5pm on 0333 010 0067.
You can also contact us online (include link to online form), or by post using the address below:
Ascent
One St. Peter’s Square
Manchester
M2 3AF