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The shared ownership scheme provides an excellent opportunity for first-time buyers and home movers in Sunderland to step onto the property ladder without purchasing or mortgaging the entire property value.
Launched by the government, this scheme in Sunderland enables buyers to purchase shares of a property, typically ranging from 25% to 75%, although some circumstances allow for as little as 10%.
Rent is then paid on the remaining share of the property. The rent is usually paid to a housing association or property builder in Sunderland, as they retain ownership of the remaining shares.
Agreements generally include the option to purchase additional shares later, a process known as staircasing. Over time, this can lead to full ownership.
While staircasing is optional, it can affect your mortgage and property value based on market conditions. Sometimes, a further advance may be required.
A mortgage advisor in Sunderland can clarify these processes during your appointment.
For those considering a shared ownership mortgage in Sunderland, it’s essential to meet certain criteria.
Firstly, applicants must be at least 18 years old. Additionally, household income should not exceed £80,000 annually.
Applicants must demonstrate they are unable to afford the full deposit or mortgage payments for the property’s total value.
Instead, a 5% deposit is required for the share being purchased.
The scheme is open to first-time buyers, previous homeowners who can no longer afford a property, those forming a new household, or current shared ownership homeowners in Sunderland seeking to move.
A mortgage broker in Sunderland can help verify your eligibility and explore suitable alternatives if necessary.
Current homeowners in Sunderland must have accepted an offer (STC) on their property before applying for shared ownership.
Additionally, a memorandum of sale confirming the sale terms must be secured, and the sale of your existing property must be completed prior to purchasing a shared ownership property.
For applicants over 55, shared ownership remains an option, and specific properties may address long-term disability needs.
Members or former members of the armed forces are often given priority for shared ownership properties in Sunderland.
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.
The share you can purchase depends on your affordability and the terms set by the housing association or builder in Sunderland.
Typically, buyers can purchase between 25% and 75% of the property’s value, though some schemes allow for as little as 10%.
A deposit of 5% of the chosen share is required. For instance, purchasing 50% of a £100,000 property in Sunderland would require a £2,500 deposit.
Options to purchase additional shares later are usually available, which should be outlined in your agreement.
If this option isn’t included, the process might be more complex, but a mortgage advisor in Sunderland can provide guidance.
Shared ownership in Sunderland does not imply shared responsibility for the entire property.
Instead, you are sharing ownership with the housing association or builder while holding a mortgage for your share.
That said, it is possible to take out a joint mortgage with another person, such as a friend or partner, to buy your share in Sunderland.
Selling a shared ownership property in Sunderland can involve additional steps.
If you don’t own 100% of the property, your landlord or housing association has the first right of refusal.
They can either purchase the property or find a buyer themselves within a set timeframe.
If the timeframe lapses, you can market the property on the open market.
Properties with a “mandatory buyback” clause must be sold back to the landlord.
A mortgage advisor in Sunderland can help navigate this process.
Shared ownership in Sunderland involves mortgage payments, rent, and other costs like service charges, maintenance fees, and possibly ground rent.
The exact costs depend on your landlord’s terms.
Annual service charges may fluctuate due to maintenance, cleaning, or gardening expenses.
Landlords typically provide audited accounts to explain changes.
Additional costs such as council tax, utilities, and insurance remain the homeowner’s responsibility.
For questions about tax implications, speak with a qualified tax advisor or visit the Share to Buy website for guidance.
Renovating a shared ownership property in Sunderland typically requires landlord permission.
Significant alterations can increase property value, affecting future share purchases and mortgage costs.
A mortgage advisor in Sunderland can explain how this may influence your financial position.
If struggling with mortgage payments or rent, it’s crucial to contact your lender or landlord in Sunderland immediately.
Options such as payment plans may help avoid repossession.
Both lenders and landlords prefer resolving issues amicably, saving time and costs compared to repossession.
It’s always best to work collaboratively to find a solution.
Remortgaging a shared ownership property in Sunderland can secure better interest rates or enable you to purchase additional shares.
Equity release might also be an option.
Given the complexities, speaking with a mortgage broker in Sunderland is strongly advised.
Homeowners in shared ownership arrangements are usually responsible for repairs and maintenance, while service charges cover communal areas.
It’s best to check your lease for details.
Extending the lease on a shared ownership property in Sunderland is typically possible.
Costs increase significantly if the lease falls below 80 years, so acting sooner is often beneficial.
Shared ownership mortgages in Sunderland may still be available for applicants with bad credit, though higher deposits and interest rates may apply.
Options like purchasing a smaller share or using a gifted deposit could assist in this scenario.
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Danielle
Charlie Bryson was my mortgagee advisor and couldn’t have been more helpful. I am a first time buyer and had zero knowledge of what obtaining a mortgage entailed. Charlie’s advice and delivery of every stage of the process was second to none. I...
1 month ago
Georgia
Our mortgage advisor Charlie Bryson has been amazing with me and Ethan. He has helped us with everything and made sure we are doing everything correctly as we are both first time buyers.
2 years ago
Jordan
Helen was very helpful on the call to re arrange a call back to speak about our mortgage. Very pleasant phone call
3 years ago
Diane
This has been a fantastic service from the initial enquiry to getting the mortgage offer through, everything explained in detail and nothing was a problem, very helpful and professional staff. Would highly recommend using this company to anyone
3 years ago
Martin
Great team and great service. Always happy to help and they make the process easy to understand. They got me a deal I was happy with then got me a better one.
3 years ago
Paul
Spoke to Dale Hunter a few times today. Polite, professional and happy to answer any questions. Over the moon with the service received.
4 years ago
Anonymous
Our advisor was Jason Loft and all I can say is he was amazing and very polite and so was all of his team. Me and my partner are first time buyers so were quite apprehensive about the whole process. However Jason and his team gave us all the...
4 years ago
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With the help from Jason and Laura, our mortgage process went very smoothly. As first time buyers we had many questions which they were on hand to answer promptly. Would highly recommend!!
4 years ago
Anonymous
Listened to my every need. Very polite and helpful. Spoke well and clearly understood what was being said and great advice. Thanks
4 years ago
Anna
From start to finish, the service was great. Everything was explained clearly, every little adjustment and query I asked for was expertly dealt with by Leo, who gave me new info and examples of our mortgage requests. Process was very easy to...
5 years ago
Anonymous
Very quick response from the first time I contacted them. Both Cathy and Leanne were great at keeping us informed throughout the process and always responded to our emails within a couple of hours, often less. They understood the stresses and...
6 years ago
Sofia
As a first time buyer I was pretty clueless as to what was needed and when to buy a house. The brokers at Sunderland moneyman made it very easy for me and guided me through the whole process. I’d defiantly give them a recommendation. Thank you...
6 years ago
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I am a First Time Buyer and before I contacted Sunderland Moneyman I didn’t have a clue about mortgages or whether I would even qualify for one. My Advisor (Wayne) came across like he really cared and he was always on the end of the phone to...
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Jason and his team gave an outstanding service. They were reassuring, consistent and were always on hand to give advice and support when necessary. I will be using their service again when my fixed rate ends in 2 years time. Thank you again...
6 years ago
Get in touch with our team who you can explain your situation so they can check your eligibility for a Shared Ownership mortgage in Sunderland.
Within this appointment, your mortgage advisor will look into your income and expenditure to work out your mortgage affordability.
After the appointment, your designated advisor will go away and search through our vast panel of lenders to find the most suitable one for you.
Our team will then look to get your mortgage agreement in principle which is helpful for backing up any purchase offers you make.
When your offer has been accepted, we will then start submitting your full mortgage application and forward the appropriate documents to the mortgage lender.
Throughout the process, your case manager will keep up updated. They will be there from the formal mortgage offer, completion and beyond.
We go beyond the mortgage. Along with securing your the most suitable mortgage deal, we will then recommend the appropriate insurance to keep you protected.
When your mortgage is due to be renewed, we will reach out make sure you are on the most suitable deal.
We have extensive experience help home buyers with Shared Ownership mortgages for many years and we are here to help you! When you attend your free initial mortgage appointment, our team will speak to you about the process and check if you match up with the scheme requirements.
For over 20 years, we have gained lots of experience and knowledge helping customers fulfil their homeowning dreams. We invest in you and provide the helpful, tailored service you need throughout the process.
Our customer service is truly reflected through our fantastic customer review which highlight how we have helped many homeowners in the mortgage process.
Utilising our modern booking system you will be able to book your free initial mortgage appointment online. We understand each customer has a different lifestyle and schedule which is why we are here 7 days a week so you can speak to an advisor on a weekday or weekend.
Here at Sunderlandmoneyman, we have a vast panel of lender that offer both high street and specialist products. Our role is to look through these lenders with the aim to find you the mortgage products that is suited for your financial state.
We have a team of mortgage advisors in Sunderland who have lots of experience and knowledge under their belt and will know the best route to take to finding you the most suitable deal. Contact our tam today and we will be more than happy to help!
In Sunderland, the First Homes scheme offers newly built homes at significant discounts, often between 30% and 50%, to help key workers and first-time buyers.
These discounts ensure affordability for future buyers when the property is sold. Availability depends on the area and specific properties.
A Lifetime ISA allows those aged 18-39 to save up to £4,000 annually for a home or retirement, with a 25% government bonus.
The account must be open for 12 months before using it for a house purchase up to £450,000.
The Right to Buy scheme helps Sunderland tenants transition to homeowners with significant discounts, often covering deposit costs.
Selling the property within five years may require repayment of the discount.
First-time buyers in Sunderland can access 95% mortgages, requiring just a 5% deposit.
This scheme supports affordable homeownership, making it easier to enter the property market.
This option allows a friend or family member in Sunderland to join your mortgage without being listed on the property deeds, helping increase borrowing capacity.
Tax implications should be discussed with a qualified tax advisor.
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Sunderlandmoneyman 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.
© Sunderlandmoneyman 2025.
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Sunderlandmoneyman 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.
© Sunderlandmoneyman 2025.
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