Shared Ownership gives first-time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales property. You pay a mortgage on the share you own and pay rent to Magenta Living on the remaining share.
Because you only need a mortgage for the share you are purchasing, the amount of money required for a deposit is much lower when compared to the amount required when purchasing outright.
Also, see 'Is shared ownership suitable for me?' below.
You can buy more shares as and when you can afford them, meaning the more shares you buy the less you will be paying in rent.
This process is known as stair-casing. You can own 100% of the property if you want to, at which point you will pay no rent at all. The cost of the additional shares will depend on the current market value of your home, at the time you wish to staircase.
If you are a serving member of the British Armed Forces, or have been honourably discharged in the last 2 years, then you will receive priority for buying a home through Shared Ownership.
Please note that if you are currently a homeowner and want to buy with Shared Ownership, you will need to find a buyer for your current property before your application will be considered. We cannot accept applications from homeowners.
If you can afford to buy the property outright without Government assistance, you will not be considered eligible.
To find out more, view the below Shared Ownership Facts Sheet.