What to expect
Find out if a shared ownership home with Magna is the right choice for you.
Low monthly costs
Enjoy the stability of home ownership without forking out for large mortgage repayments. In comparison to traditional home-buying, deposits are lower and monthly repayments often work out cheaper than a standard mortgage or private rentals.
With private rentals, you’re always vulnerable to changes in your landlord’s circumstances. With shared ownership, you’re secure. If you make your monthly payments, you cannot be given notice to leave.
Once you purchase your shared ownership home, you will have some equity in your own home. You can also increase it – known as ‘staircasing’. In most cases you can eventually own 100%. Just ask one of our agents to check the lease.
Ground rent and service charges will apply on your property, as well as maintenance costs after the defect period. All properties are sold as leasehold which means you will pay ground rent on the property. Don’t worry, you sell this when you sell your home. And we have a dedicated resale team to help you.
Your percentage of home ownership will depend on your circumstances. Your initial share will be between 25%-75% but you can usually buy shares until you have total ownership. At this point, you will often be given the opportunity to purchase the freehold for your house too (although flats always remain leasehold).
9 steps to shared ownership
Owning a home is closer than you thought. Here are the 9 steps to buying your home with the shared ownership scheme.
Am I eligible?
Make sure you meet the criteria before you apply:
- Annual household income below £80,000
- Good credit history (no county court judgements or bad debts)
- Can afford all costs and regular payments
- First time buyer or in the process of selling your home
- Don’t own another property
- Search our available homes to find your dream home
- Tell us which property you want using this application form
- We’ll send you a list of Independent Financial Advisors (IFA). Choose one from the list then book in your affordability assessment.