Rezide Key features

How Rezide Works

  • Eligible homebuyers will need a minimum 5% deposit and must be buying a qualifying new build property.
  • The Rezide Equity Loan will be 15% of the home’s market value. The Loan will be a minimum of £15,000 and a maximum of £100,000.
  • The remaining up to 80% of the home’s market value will be borrowed from a separate participating mortgage lender.
  • The Rezide Equity Loan will match the term of your main mortgage term (which can be a maximum of 40 years), plus one additional month.​
  • The Rezide Equity Loan is secured on your home and its an interest only loan, so you will have to make monthly interest payments.​
  • All applications must be made through an FCA-authorised mortgage intermediary, who will assess affordability and provide advice on whether a Rezide Equity Loan is suitable for you.

Rezide Key Features

  • The interest rate on the RezideEquity Loan is fixed for the full term of the loan.​
  • The Rezide Equity Loan is an interest only loan, so your monthly repayments will not reduce the balance of your Rezide Equity Loan​.
  • Full repayment of the Rezide Equity Loan is due when the property is sold, or when your main mortgage ends (if you remortgage to another lender, then you may have to repay the Rezide Equity Loan)​.
  • The Rezide Equity Loan can be repaid in full or in part at any time before this, without incurring early repayment charges (other fees and charges may apply), but you should seek independent advice to understand whether it is right for you to do so.​
  • The amount to be repaid will be 15% of the value of the home at the time of repayment, as determined by an independent valuation, plus any applicable fees.​
  • For a complete list of fees and charges consult with your FCA-authorised mortgage intermediary.​
  • Applications are subject to the borrower’s financial circumstances and the borrower will be credit assessed at application by Ahauz, the regulated lender.

Key Risks

  • This is a regulated second-charge loan secured against your home. Your home may be repossessed if you do not keep up repayments on your main mortgage and/or the Rezide Equity Loan.​
  • The Rezide Equity Loan may restrict who you may be able to get your main mortgage from.​
  • The value of your home may go up or down, which will affect the amount you will need to repay on your Rezide Equity Loan.
  • The amount you owe could increase if your home’s value rises — because the amount you have to repay is based on a percentage of your home’s future market value. To repay your Rezide Equity Loan in full, you would need to pay 15% of the market value of your property at that time.​
  • The value of your home could fall, which may affect your ability to remortgage or sell. A lower property value could mean there is less money than your original deposit left, after repaying your main mortgage and your Rezide Equity Loan. ​
  • Full details on the Rezide Equity Loan, including costs and risks, are available from your FCA-authorised mortgage intermediary before application.