Buy a home

Own your own home for less than you thought!

Ever considered owning your own home but found current housing prices and interest rates too steep?
If the answer is yes, then maybe you should consider shared ownership…

How can I find out more about shared ownership and the properties available?

See properties for sale in your area and find out more »

Or call 0844 463 8031 or email the shared ownership team »

What is shared ownership?

Shared ownership is a great way into home ownership, it helps you take a step onto the property ladder on a budget you can afford.  

It doesn’t mean sharing your home with other people, you simply buy a share of a property with a mortgage and pay a monthly rent (2% or less) to a housing association, like Magna,  who own the remaining share. The share you buy depends on what you can afford and, as with any house purchase,  is based on your deposit and income.  Shares usually start between 25% and 75%.  Gradually, as you can afford it,  you can buy further shares, reducing the rent you pay, and eventually you can own your home outright.  

As with any home ownership, you can sell your home at any time and benefit from your percentage share of any profit made.  For example if you buy a 50% share in your home and sell it in the future, if property prices have risen, you will get 50% of any profit from the re-sale.  This does of course mean if property prices fall you would not be wise to sell until the market recovers because you would be responsible for 50% of any loss in value.  However it’s your choice.

Who can buy a shared ownership home?

Anyone who cannot afford to buy a home on the open market.  In our region, with high property prices and low average wages, this means many people!  Priority will often be given to people with a local connection (for example if you have grown up in a village, work there or have family there but are unable to afford to buy there), key workers, people with changes in family circumstances (such as a relationship breakdown) and people currently renting housing association homes.  

Who does the repairs on shared ownership properties?

The lease between you and the housing association will set out your rights and responsibilities as a shared owner.  Usually you will have all the responsibilities of a home owner, including responsibility for  repairs, decoration and maintenance of your home.  

Magna's shared ownership jargon buster:

  • Shared ownership is also known as New Build HomeBuy or part rent, part buy
  • Staircasing is where you start by buying a share in your property and then buy more as you can afford it.  You can buy the whole property when you can afford it and own your home outright.
  • A keyworker is generally a public sector worker carrying out an essential public service. Exactly who falls into this category may vary from place to place.  If you work in any of the following sectors then you will probably be considered as a key worker in the southwest: NHS, police, education, probation service, prison service, local authority, fire and rescue services.