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Shared ownership is an excellent option for both first-time buyers and those looking to move home in Durham.
It offers an affordable way to enter the property market without needing to take out a mortgage for the full property value.
Under the shared ownership scheme in Durham, you can purchase a portion of the home, typically between 25-75% of its value, although in some cases this can be as low as 10%.
The remaining share is owned by a housing association or builder, and you will pay rent on the portion you don’t own.
The terms of your agreement may allow you to buy additional shares over time, a process known as staircasing, which can eventually lead to owning the full property.
Staircasing is entirely up to you, and as market conditions change, this could also affect your mortgage. In some cases, you may be able to use a further advance to help buy more shares.
Your mortgage advisor in Durham will be able to provide a clearer understanding of how staircasing works and how it may impact your finances.
If you’re considering a shared ownership mortgage in Durham, there are several factors to keep in mind. First and foremost, you must be over 18 to qualify for any property purchase.
Additionally, your annual household income cannot exceed £80,000, and you must not be able to afford the deposit or mortgage payments for the full property value in Durham.
This means you’ll need to cover a 5% deposit based on the percentage of the property you plan to buy.
For example, if you’re purchasing 50% of a property valued at £100,000, your deposit would be £2,500.
Your financial situation must fall within these limits, as shared ownership is designed to help those who cannot afford to buy outright.
You also need to fit into one of the following categories: you’re a first-time buyer in Durham, you’ve previously owned a home but can’t afford a new one, you’re forming a new household, or you already own a shared ownership property and are looking to move.
If you meet these criteria, a mortgage broker in Durham will be able to confirm whether shared ownership is right for you or suggest other schemes that might be more suitable.
For current homeowners in Durham looking to buy through shared ownership, you must have an accepted offer (sold subject to contract) on your current property.
You’ll also need a memorandum of sale, which confirms the sale price and your intention to sell.
Before completing the purchase of your shared ownership home in Durham, your existing property must be sold.
Even if you’re over 55, shared ownership in Durham could still be a viable option.
There are mortgage products specifically for those over 50 that could help.
Additionally, shared ownership may also support long-term disability needs, such as purchasing a ground-floor property.
Members or former members of the armed forces are often given priority on shared ownership homes in Durham, depending on their service.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £495.
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5.00 Rating22 Reviews
Graeme
Malcolm gave excellent advise and helped us through the first time buyer process!
1 month ago
Kayleigh
Very good, very helpful and always on the ball. Answer calls outside of normal working hours which was helpful, sent lots of prompting emails to guide us.
6 months ago
Anonymous
I don't think I've written one of these before so hopefully that will mean some weight gets attached to this. Leo was an outstanding mortgage broker and smoothly secured me an offer of a mortgage, after years of aspiring to buy a house. This was...
10 months ago
Jenni
Malcolm and his team were nothing short if amazing helping guide us through somewhat tricky process of buying our home. They were friendly, patient and efficient and deserve more than a five star rating. Thank you again to Malcolm and his team.
1 year ago
Joanne
Malcom, was professional and helped sercure the best mortagage deal for us. We were apprehensive about using a mortage broker as we had never used this kind of service before, but Malcom and the team made it so easy from start to finish,friendly...
1 year ago
Fiona
Very good service from Dinah. Very helpful and no pressure sales. Felt confident I got the best advice for my circumstances.
1 year ago
Katie
We could not recommend UK money man enough for helping us obtain a mortgage. As first time buyers we went into the process clueless, Malcolm and the team have been absolutely amazing. Their communication and expertise has been second to none. The...
1 year ago
Mr Darren
An amazing service from some amazing people. They where with me from start to finish and the support, guidance and advice they gave me was brilliant. I would happily recomend Durhammoneyman. Thank you to all who where involved in my case.
1 year ago
Anonymous
Great service! Very informative and responsive. Made the process for a first time buyer straight forward and went smoothly
1 year ago
Duncan
Professional all the way. Excellent advice from Wayne followed by excellent administration by Anna to complete the transaction. Would recommend.
2 years ago
Martin
Excellent Staff and Service, I would definitely use them again They were very helpful all through the process of my remortgage providing me with the best deal and assisting with any issues or concerns i had, very prompt on replies to my calls and...
3 years ago
Kayleigh
Joe and Chloe have been so helpful sorting out our remortgage. They did all the hard work. I would highly recommend Durham Money Man to anyone! Fab job guys!
3 years ago
Karen
Was very professional and very helpful.
4 years ago
Anonymous
We are very pleased with the service we received. Everything was very simple and the mortgage brokers done everything for us. The mortgage deal they found was significantly less than any we could find ourselves, so it's worth paying the broker fee...
4 years ago
Niall
Fantastic service! Amazing advice and guidance throughout my mortgage application. Would recommend Durhammoneyman to anyone!
4 years ago
Sarah
Durhammoneyman have been an absolute lifesaver in helping me to get a mortgage. Their support, advice and assistance throughout the process has been above and beyond what I could have expected. Without them I would not have been able to navigate...
5 years ago
Donna
I cannot fault the service I have received from Leo, Wendy and the team. They have made a potentially stressful process very easy, offering support and guidance throughout. I would recommend this team to anyone in need of mortgage advice. Thank...
6 years ago
Sandra
Matt was first of all hugely understanding and quite reassuring in what I knew would prove a difficult task! Under 2 years self employment history, trying to gain a second family home without selling the first and possessing a buy to let which also...
6 years ago
Louis
I had a complex situation and I was nervous about the whole thing. Chris worked his magic and got me a mortgage offer within 2 weeks. I was amazed. Working full time I found the evening appointments terrific.
6 years ago
Michelle
Thank you to Laura and Matt who worked seamlessly to get my remortgage offered. I’m really happy with my new deal, much better rate than what my bank were offering.
6 years ago
When applying for a shared ownership mortgage in Durham, your mortgage advisor will review your income and expenses to determine your eligibility. This assessment ensures that the shared ownership scheme is affordable for you based on your financial situation. The advisor will work through your monthly budget to ensure you can comfortably meet mortgage and rent payments.
Your mortgage broker in Durham will have access to a wide range of mortgage products, allowing them to identify the most suitable deal for your shared ownership needs. They will consider factors like interest rates, repayment options, and additional fees, helping you find a mortgage that suits both your immediate and long-term financial goals.
Once your purchase offer is accepted, your mortgage advisor will submit your full mortgage application along with any required documents to the lender. This is an important part of the process and includes information such as proof of income, credit checks, and other supporting paperwork. Your advisor in Durham will ensure everything is in order before submission.
When you secure a shared ownership mortgage in Durham, it’s important to also consider insurance options to protect your home and family. Your mortgage broker can recommend policies such as life insurance, home insurance, and critical illness cover, ensuring that you and your loved ones are protected throughout your mortgage term.
Our mortgage advisors in Durham have extensive experience helping home buyers and current homeowners navigate the shared ownership process. With their in-depth knowledge, they can help you understand the ins and outs of shared ownership and support you in making informed decisions every step of the way.
As a mortgage broker in Durham, we pride ourselves on delivering exceptional service to every customer. From first-time buyers to those looking to move homes, we have a long history of satisfied clients. You can read our many positive customer reviews, which reflect our commitment to putting our customers first and helping them achieve their homeownership dreams.
We understand that life can be busy, so our mortgage advisors in Durham are available to meet at times that suit your schedule. Whether it’s early mornings, evenings, or weekends, we offer appointments 7 days a week to ensure you can access the advice and support you need at a time that works best for you.
As a mortgage broker in Durham, we have access to a large panel of both high street and specialist lenders. This allows us to tailor our advice to your individual circumstances, ensuring you get the most suitable mortgage deal that fits your needs and financial situation.
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Durhammoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.
UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.
© Durhammoneyman 2025.
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Durhammoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.
UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.
© Durhammoneyman 2025.
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