Find out if a shared ownership home is right for you
What is shared ownership?
Shared ownership is another way to buy your own home. It provides first time buyers and those who are not already on the property ladder the opportunity to buy a share in their home.
You buy part of your home from Magna and pay rent on the rest. Your deposit is smaller, and so is your mortgage. As you don’t need to save quite so much, it’s a faster first step on the ladder for lots of people.
In most cases, you can then carry on buying more shares until you own 100% of your home.
Who can buy with shared ownership?
Shared ownership is a great option for lots of people who meet the following criteria:
Your household income needs to be under £80,000.
You’re a first time buyer or in the process of selling your home.
You don’t own another property.
You must be able to afford the regular mortgage, rent and service payments and have a good credit history.
Why consider shared ownership?
Shared ownership is a great option to get onto the property ladder.
An alternative option
If buying on the open market feels impossible and you’ve had enough of private renting, shared ownership provides another option for buying your own home.
A smaller deposit
Because you’re only buying a share of the property, you can enjoy getting onto the property ladder with a smaller deposit, typically 5-10% of the share you’re buying. In comparison to traditional home-buying, the monthly repayments often work out cheaper than a standard mortgage or privately renting.
Because you own your home, you can stay there for as long as you like - providing you with security and peace of mind.
It’s a way of putting your money into property, even if you can’t afford to buy on the open market. It’s yours, you can decorate it and sell when you want.
Once you own your shared ownership home, you have the opportunity to increase your share – known as ‘staircasing’. In most cases you can eventually own 100%. You can find out more about buying more shares here.
With you every step of the way.
Our knowledgeable and friendly team are here to help you through the buying process and beyond. We’re here to help create great homes together.