The Shared Ownership scheme, introduced by the government as part of the Help to Buy program, aims to provide support to individuals facing financial challenges who cannot afford a full mortgage. This scheme allows applicants to purchase a share of the property, typically ranging from 25% to 75%. In some cases, it is even possible to start with a 10% share and gradually increase ownership through rental payments.
The rental payments are made to either the Housing Association or the Builder, who retains ownership of the remaining portion of the property. Shared Ownership can be a complex program, and it is recommended to seek guidance from a Shared Ownership mortgage advisor in Durham. To conveniently schedule a free mortgage appointment, visit our website and click on the 'Book Now' button.
To assess your eligibility for the Shared Ownership scheme, we must assess your mortgage affordability. If you don't meet the criteria for Shared Ownership, we suggest exploring alternative government schemes that might be applicable to your situation. Below are the requirements for the Shared Ownership scheme:
Shared Ownership in Durham allows you to purchase a portion of a property, with the option to acquire between 10% and 75% of its market value. You pay rent for the remaining share. Over time, you can increase your ownership through staircasing, which involves buying additional shares.
The deposit for a Shared Ownership mortgage in Durham typically ranges from 5% to 10% of the share you are purchasing, rather than the entire property value.
While having poor credit may pose challenges, it is not an insurmountable obstacle when seeking a Shared Ownership mortgage in Durham. Working with a specialist lender who can assess your situation individually may be necessary.
When participating in a Shared Ownership scheme in Durham, obtaining a mortgage is usually a requirement to purchase your share of the property.
To qualify for Shared Ownership in Durham, you must be at least 18 years old, and your annual household income should not exceed £80,000. If your income exceeds this limit, you may not meet the scheme's criteria.
Consulting a mortgage broker in Durham can be helpful in securing a Shared Ownership mortgage. They can assist you throughout the process, find suitable deals, and customize options based on your specific circumstances. Our team of mortgage advisors in Durham is available to help you understand the mortgage terms and conditions and ensure you secure the most favorable arrangement.
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During your complimentary mortgage appointment with our mortgage advisor in Durham, they will assess your income, expenses, and mortgage affordability to determine your eligibility for a Shared Ownership mortgage in Durham.
Our team will diligently search through a wide range of 1000 mortgage products to find the most suitable option for your specific needs. Additionally, we will assist you in obtaining a mortgage agreement in principle, which can enhance your offers when purchasing new builds.
Once your offer to purchase is accepted, we will efficiently handle the submission of your complete mortgage application and all the necessary documentation to the lender on your behalf.
Throughout the entire process, a dedicated case manager will keep you well-informed about the progress, ensuring you receive updates from receiving the mortgage offer to completing the transaction and even beyond.
Our service extends beyond securing the best mortgage deal for you. We are also dedicated to providing recommendations for insurance policies that offer protection for you and your loved ones.
Furthermore, we will proactively notify you when your mortgage deal is nearing its expiration, ensuring that you always have access to the best available deal in the market.
As a highly experienced mortgage broker in Durham, we have the expertise to assist clients in various mortgage scenarios, including those interested in the Help to Buy Shared Ownership scheme.
We have a proven track record of guiding numerous applicants through the Shared Ownership mortgage process, ensuring their success. Initially, we will assess your eligibility for the scheme, and if you meet the requirements, we will proceed with preparing your application.
Feel free to explore our exceptional customer reviews to gain insights into others' experiences, including those who may have been in similar situations as yours.
At our core, we prioritise customer service, aiming to provide you with an exceptional experience from beginning to end. Our dedicated mortgage advisors in Durham will ensure that you feel comfortable and supported throughout the process.
Booking an appointment is quick and easy. We offer flexible availability, including appointments seven days a week and early morning or late evening slots to accommodate your schedule.
Simply follow our straightforward "Get Started" process to select the date and time that works best for you.
Our extensive panel features thousands of mortgage deals, encompassing both mainstream and specialised options. It is our responsibility to carefully analyze your personal and financial circumstances and identify the ideal product that aligns with your needs.
Rest assured, our mortgage advisors in Durham possess a wealth of industry knowledge, with over 20 years of experience, enabling them to effectively identify the most suitable solutions for you.
When obtaining a Shared Ownership mortgage, a deposit is required, similar to other mortgage types.
The deposit amount will vary depending on the percentage of the property you own. For example, if your property is valued at £300,000 and you have a 50% mortgage share, you would need to provide a deposit of £7,500 for that portion of the property.
Like any mortgage, Shared Ownership entails additional costs that should be taken into account. These expenses include monthly repayments for both rent and mortgage, as well as fees for property surveys, arrangement fees, and legal fees.
Our mortgage advisors in Durham are available to offer detailed information on these costs, providing you with a comprehensive breakdown.
It's important to understand that the Shared Ownership scheme is applicable to a limited number of properties. These can include newly built properties, resold properties already under shared ownership, or properties specifically designed to accommodate particular needs, such as ground floor flats for individuals with long-term disabilities.
If you need guidance regarding Shared Ownership mortgages in Durham, please feel free to reach out to our team. You can conveniently book a free mortgage appointment online through our 'Get Started' process, selecting a date and time that suits your convenience.