Shared Ownership is an affordable home ownership scheme which makes it easier for eligible purchasers to get on the property ladder. Buyers get a mortgage for the share they can afford, and pay rent on the remaining share.
No – this is a common misconception but the ‘shared’ aspect of the scheme simply means you’re sharing ownership of your home with a housing association.
If you decide to buy a Shared Ownership home in County Durham, you’re effectively purchasing a portion of your property. Your initial share will usually be between 25% to 75%, paying a mortgage on the part that you own and a below market value rent on the remaining share.
Yes – Shared Owners can choose to buy additional shares in their property by ‘staircasing’.
When buying a Shared Ownership home, you will initially purchase a minimum percentage somewhere between 25% to 75%. Down the line, if you find that your financial circumstances have changed, buyers will have the option to buy more shares.
If you choose to buy a higher percentage, your mortgage repayments will increase while the rent you pay will decrease. In the majority of cases there aren’t any restrictions and you can buy 100% of your home – in this instance, you would become the outright owner.
As a home-buying product aimed at helping those who can’t afford to purchase a property on the open market, there are certain requirements that buyers will need to meet to be considered eligible for Shared Ownership.
For example, there are caps on household income which means that you must earn less than £80,000 to be eligible for the scheme – or less than £90,000 if you would like to buy a home in London. The criteria also states that buyers must be at least 18 years of age and do not own another property either in the UK or abroad.
Shared Ownership properties enable you to put down a smaller deposit compared to those required on the open market – buyers will usually need to put down 5% to 10% of the share that they’re buying, rather than the full market value of the home.
On a monthly basis, buyers will be required to pay their mortgage, a subsidised rent and service charge on their home, however, these repayments often work out cheaper than or equal to renting privately in the same area. Other costs to consider when buying a home include solicitor and mortgage broker fees – you can find out more about these costs on Share to Buy.
Share to Buy lists thousands of Shared Ownership homes all across County Durham and beyond – including new build properties and those available through resale.
Shared Ownership is available on a variety of homes including cosy studios, stylish apartments and traditional family homes. Check out our property search tool to start looking for your new home today!
The major providers of Shared Ownership, Help to Buy and other affordable ways to buy a home in County Durham and nationwide have their homes listed on Share to Buy.
Share to Buy is the leading online portal for Shared Ownership properties. Established in 2004 as the UK’s first specialist online mortgage broker for affordable home ownership products, the site has since developed into a one stop shop for first time buyers, offering the country’s largest listing of Shared Ownership homes from many of the UK’s biggest housing providers.
Share to Buy is the nation’s biggest and best established affordable home ownership property portal, making it the ideal website for first time buyers looking to take that first step onto the property ladder.
Using our property search tool, you can search for homes that suit your needs via filters such as location, number of bedrooms, monthly outgoings and deposit amount. You can also set up alert preferences so you’ll be notified when new properties that meet your search are announced by email.
Acting as a one stop shop for first time buyers, Share to Buy also offers handy FAQs and guides, interactive mortgage tools, mortgage broker and conveyancing panels, and live events to help potential purchasers on their home-buying journey.
If you are a housing association or developer selling properties through Shared Ownership, Help to Buy and other affordable home ownership schemes, we can list your new build and resale homes on the Share to Buy property portal.
As well as working alongside Registered Providers, we also partner with private sellers who are looking to sell their current Shared Ownership home.
Find out more about advertising your Shared Ownership property on Share to Buy.
I viewed the flat online and thought it looked great, but once I saw it I person, it felt so much bigger.
“The Shared Ownership calculator on Share to Buy gave me a really clear understanding of what my budget was and what my monthly outgoings would be, including rent and service charge. The buying process of Shared Ownership was really simple - I bought a 35% share of my property and eventually plan on staircasing to own more of it.”
“From the moment I bought my first share, I knew that I wanted to staircase. A year after I moved in, I staircased to 75% and this past February I purchased the final share, and now I own my home 100% outright. I really do recommend Shared Ownership as a fantastic way to get into the housing market, it worked so well for me.”
Getting that vital first step on the property ladder can seem out of reach for many first time buyers. Thankfully, Shared Ownership homes in County Durham could be the key to unlocking your property ambitions. Help to Buy homes in County Durham are also an ideal option for potential buyers looking for an affordable way to settle down in a location they love.
To stay updated with the latest Shared Ownership and Help to Buy properties in County Durham, simply sign up to Share to Buy. From there, you can register to receive alerts when relevant properties are added to your desired market. It couldn’t be easier!
What makes County Durham such a special place to call home? Well, it’s important to remember that this spectacular slab of the North East is one which is made up of so many different interesting parts.
The cathedral city of Durham is in itself an incredible smorgasbord of natural and cultural assets. Take the stunning Tees Valley as another example. Here an awe-inspiring selection of gorgeous Durham County towns join North Yorkshire areas, creating a combination of beautiful greenbelt and thriving opportunities for trade, not to mention a spot of cricket. Who can blame them? They certainly have the natural space for it.
Indeed, any of these areas – from the classic charms of Darlington to the unique opportunities of Billingham – boast enough attractions and experience to last a lifetime. What makes County Durham such a thrilling place to live is not just one thing. Its access to such an amazing selection means you can find the best of everything for you. This includes the best job opportunities and educational options, whatever you want to experience culturally and endless entertainment. We’re all different, with different needs and preferences, and County Durham caters to them all.
County Durham has many parts and it’s important to appreciate them for their individual benefits. Doing so doesn’t just highlight their unique qualities but also shows you just how epic this collection of towns, cities and settlements really is – and how powerful it is a single county.
Those amazing areas also have a great deal in common: stunning nature, a deep and compelling history, a hugely diverse economy and the ability to follow your ideal lifestyle. Excellent transport makes this a comprehensive whole, and a great selection of properties means it’s possible for people from all walks of life to take advantage of everything the county of Durham has to offer.
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