“I went into the Equity Scheme. This means I’ve been able to keep the car, have holidays and do things with the family which I might not have been able to do if I had had to buy a property of my own.” – Mrs Barbara Eddyshaw, widow of Rev Paul Eddyshaw
Our equity share scheme gives ministers the opportunity to own a part-share in their home. This is reflected as a percentage of the value of the property and becomes part of their estate.
In order to keep to our mission of housing only those “of limited means”, we need to know the details of our applicants’ savings. If a minister or deacon and their partner have joint capital assets of between £25,000 and £250,000, we ask them to contribute towards the costs of the property through the shared equity scheme.
The expected rate of contribution will be on a sliding scale, based on means-testing. We’ll discuss and agree your contribution when we meet: it will be converted into an equity share in the property reflected as a percentage share.
There is no minimum tenant’s equity share and the tenant may hold a share of up to 70% of the property. The benefit of any appreciation in value is shared by the tenant and the Society, but the cost of maintenance is borne by the Society alone.
For more on the equity share scheme, please click here