It's Free to Speak to an Advisor, 7 days, 8am - 10pm

Shared Ownership in Durham

It's free to speak with a mortgage advisor
7 days a week, 8am - 10pm

0191 303 9786 Speak to an Advisor - It's Free!
Reviews IO Logo

Read our 17 Reviews

Reviews Logo

Shared Ownership in Durham

Discuss your Shared Ownership mortgage options with a mortgage advisor in Durham.

0191 303 9786

Mortgage advice for those looking at Shared Ownership in Durham.

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.

Video BG One Video BG Two
Shared Ownership in Durham

What are the requirements for Shared Ownership in Durham?

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:

  • You need to be at least 18 years old
  • Your annual household income needs to be no more than £80,000.
  • You should not be able to afford a property on the open market.
  • You should not be in mortgage or rent arrears.
  • You need to provide evidence of good credit history to pass the credit checks and affordability assessments.

How does Shared Ownership in Durham work?

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.

Video BG OneVideo BG Two
Speak to an Advisor - It's Free!

Common FAQs for Shared Ownership Mortgages in Durham

How much deposit do I need for a Shared Ownership mortgage?

Accorion Arrow

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.

Can I get a Shared Ownership mortgage in Durham with bad credit?

Accorion Arrow

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.

Do I need a mortgage for Shared Ownership in Durham?

Accorion Arrow

When participating in a Shared Ownership scheme in Durham, obtaining a mortgage is usually a requirement to purchase your share of the property.

What is the minimum income for Shared Ownership in Durham?

Accorion Arrow

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.

Why use a mortgage broker in Durham for a Shared Ownership mortgage?

Accorion Arrow

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.

Our Customers Love Us

Reviews Stars5.00 Rating17 Reviews

Our Simple Step by Step Process

Free 30-Minute Mortgage Appointment

Step 1

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.

We Can Search 1000s of Mortgage Deals

Step 2

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.

Submit Your Help to Buy Application

Step 3

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.

Protecting You and Your Mortgage

Step 4

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.

Reasons to Choose us

Mortgage Experts – Shared Ownership in Durham

Accorion Arrow

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.

Customer Service

Accorion Arrow

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.

Book Online – Simple & Easy

Accorion Arrow

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.

1000’s of Deals

Accorion Arrow

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.

Malcolm and Amy Davidson - Mortgage Advice in Durham

Shared Ownership Mortgages with Durhammoneyman

Fleet Mortgages
Paragon Mortgages
TSB Mortgages
Bluestone Mortgage Advice
BM Solutions Mortgages
Chorley Building Society
Precise Logo
Pepper Money
Mortgage Works
Coventry Building Society
Natwest Mortgage Advice
Newcastle Building Society
Kensington Logo
Accord Mortgages
Aldermore Mortgage Lender
Beverley Building Society
Kent Reliance
Virgin Money & Mortgages
Leeds Building Society
Scottish Widows
Foundation Home Loans

Popular Scenarios for Shared Ownership in Durham

Do I need a deposit?

Accorion Arrow

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.

Are there any other fees that come with Shared Ownership?

Accorion Arrow

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.

Can you take out a Shared Ownership mortgage on any property?

Accorion Arrow

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.

Mortgage Guides & Durhammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at

Equity Release Council Logo Solla Later Life Logo
Facebook Image X Image Instagram Image YouTube Image LinkedIn Image SpotifyImage TikTok Image

Speak to an Advisor – It’s free!
7 Days a Week, 8am – 10pm

Speak to an Advisor – It’s Free Enquire Online 0191 303 9786
We use cookies to enhance your customer experience. More detailsGot It