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Equity Loan Support

After Sales Support of Persimmon Shared Equity Loans

If you purchased one of our properties and received an equity loan towards the purchase, we have appointed Metropolitan Home Ownership (MHO) to handle any enquiries you may have.

This may include:

equity repayment (staircasing or redemption)
remortgaging
transfer of ownership
further advances
subletting
alterations/improvements
maintenance of your home
interest fees

To find out more about the processes, fees involved or if you would like to receive an information pack regarding one of the above transactions, please contact MHO during 9am - 5pm Monday to Friday:

By Post:

Persimmon Shared Equity Management
Metropolitan Home Ownership
The Grange
100 High Street
Southgate
London
N14 6PW

Tel: 03301 000 995
Email: PSEM@mht.co.uk

MHO has a commitment to deliver a one-stop-shop service offering customers the ease of a single point of contact from enquiries to processing and completion of transactions. The MHO After Sales and Asset Management team specialise in shared equity and equity loan after sales care, providing a service to 19,000 homeowners throughout Britain.

Staircasing

When you bought your home through Persimmon your mortgage and any deposit you paid was set at a percentage of the total purchase price of the property. The financial help you received from Persimmon made up the remaining percentage of the property value.

If you want to repay the loan you received from Persimmon, either in part or in full, without selling this is known as a staircasing. If you want to sell your home to repay your loan please see the section on redemption.

You can staircase at any time and in tranches of 10% of its current market value. The current market value is established by an independent RICS valuation by a surveyor. To find out more and for a list of RICS valuers please contact MHO.

Redemption

If you sell your home you must repay the equity loan you received from Persimmon. The amount you pay back will be calculated on the RICS valuation and sale price of your property. It will be calculated by multiplying the RICS valuation/sale price of the property by the percentage of the property the Persimmon equity loan is worth.

For example if you bought your home with a 75% mortgage and a 5% cash deposit you will have received an equity loan of 20% of the purchase price of the home. When you sell (if you have made no other repayments) you will need to repay to Persimmon via MHO 20% of the amount you sell your home for. This is known as a redemption. If you want to repay the loan without selling your home please see the section on staircasing.

Transfer of Ownership

If you are looking to transfer the ownership of your property, as there is a second charge listed to Persimmon, you will need to notify MHO of your intentions. You are able to do a substitution of ownership or someone to be added or removed from the property as long as one original owner of the property remains. MHO will act as your liaison through this process and will seek approval on your behalf from Persimmon. Please contact MHO for further details.

Remortgaging

Remortgaging is defined as any change in lender or mortgage product from an existing lender. Please note if you are looking to take out additional borrowing there is a different procedure to follow. It is a condition of the Persimmon equity loan that the purchaser must not remortgage their property without the approval of Persimmon. MHO will act as your liaison through this process and will seek approval on your behalf from Persimmon. Please contact MHO for further details.

Further Advances

You cannot increase your mortgage or take out another loan without formal permission from Persimmon. Permission for further advance is usually restricted to staircasing or for home improvement cases which have been agreed (e.g. disability). Further advances for debt consolidation are generally not permitted. We can refuse permission for further advances if we think you may be putting yourself in financial difficulty or compromising the equity loan you have received from Persimmon. If you are thinking of taking out a further advance or a new loan please contact MHO

Subletting

If you would like to sublet your property and Persimmon still have a second charge registered against the home, through the equity mortgage you received, you will need to have written permission from Persimmon before you are able to sub let your property. MHO will be your main contact and will liaise with Persimmon on your behalf with this request. Please contact MHO for further details.

Alterations / Improvements

You cannot extend or alter your property without permission. The Persimmon equity loan you received is designed to help new buyers get their first homes so you should consider repaying part or all of Persimmon’s contribution before making plans for improvements or alterations.

However, we will review some cases, for example you may need to adapt a property because of disability. If you are interested in making alterations or improvements and believe your circumstances may fit the criteria please let us know using the above contact details.

Maintenance Of Your Home

Under the terms of the mortgage deed and buyers' charging document that you signed when you bought your property, you are fully responsible for all repairs and maintenance to your home.

What Interest Fees Will I Have To Pay?

There are a number of different forms of shared equity which have been offered by Persimmon. Full details were included in your original legal purchase documentation of the type applying to you. Should you require any advice on when / what interest payments will be due, please contact MHO.

Any Other Issues

For any other enquiries please contact us at Metropolitan Home Ownership (MHO) using the above contact details, who will be pleased to advise you.

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