What is Shared Ownership?
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.
Shared Ownership FAQsFind out more
Does Shared Ownership mean sharing with someone else?
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 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.
Can I ever fully own a Shared Ownership home in Durham?
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.
Do I meet the eligibility criteria for Shared Ownership homes in Durham?
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.
How much does Shared Ownership cost in Durham?
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.
Are there Shared Ownership homes in Durham?
Share to Buy lists thousands of Shared Ownership homes all across 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 steps to find your new Shared Ownership home
Find your home with Share to Buy
Who are 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.
Why should I register with Share to Buy?
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.
Can I advertise my home on Share to Buy?
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.
Shared Ownership Durham - Shared Ownership Properties for Sale in Durham - Share to Buy
If Durham sounds like your ideal location but you’re concerned about getting your foot on the property ladder as a first-time buyer, then Shared Ownership homes in Durham could be your ideal solution. Help to Buy homes in Durham are also an affordable option that can help you settle down somewhere you love.
Staying up to date with the latest Shared Ownership and Help to Buy properties in Durham couldn’t be simpler. Just sign up to Share to Buy and register to receive alerts. We’ll then notify you when suitable properties become available.
Durham may be a city – and indeed, it has all of the qualities which make life in a city so spectacular. What really makes it special though, is that it manages to balance this with the many benefits of countryside and small-town living.
In terms of cultural spots, restaurants, pubs and local businesses – in other words, all the places that facilitate everyday life – Durham provides an abundance of new sights, sounds and experiences. This charming cathedral city can stand up against pretty much anywhere. You can generally enjoy what it has to offer without overwhelming crowds in all but the absolute most popular spots at the very peak times. In other words, you get all of the convenience, but none of the fuss.
Much like the finest examples of any British location, many of the most stunning sights here are historical, with a huge amount of listed buildings within its boundaries. The gorgeous Durham Cathedral and Castle, Cook Hall and Gardens, Palace Green are all perfectly preserved pieces of history unburdened by a changing world.
In addition, the city boasts museums that any bustling city would be proud of. These include the Oriental Museum and the Durham Museum and Heritage Centre, as just some examples of the extraordinary variety and range of experiences on offer. Perhaps though, there is no better example of the beautiful balance of British life here than the fact that all these attractions are surrounded by impeccable greenery.
It’s also a very practical place to live, with a great selection of schools for all ages, alongside rail and road links that can take you everywhere from Edinburgh to London, and plenty in between. There are also excellent bus routes and Park and Ride sites to further help travel within Durham. This can, of course, be hugely helpful in ensuring that wherever you choose to work – whether it’s within Durham’s diverse economy or beyond – you’re connected to a multitude of opportunities.
From the practical to the spectacular, from the local pubs to the centuries-old castles, Durham has so much to offer. Ultimately though, what makes this all so special is that it’s more than the sum of its parts and is versatile enough to provide a great home for all lifestyles.
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