Magenta Living supports Shared Ownership Week
Magenta Living is proud of its Shared Ownership developments which offer good quality homes not only first-time buyers but also for those who do not currently own a home and want to get onto the property ladder and who are unable to purchase on the open market.
That’s why we are supporting this year’s Shared Ownership week - 20-26 September – helping to turn dreams into reality. The aim of the week is to get people “on the ladder and in the know”, debunking common myths and sharing hints and tips about home ownership.
So how does it work? Here’s our Head of Sales, Claire Henning, to explain more:
“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. So you buy a share in the home – which could range from 25% to 75%, depending on what you can afford on the original leases but on the new shared ownership lease you can buy from a 10% share. You will pay rent on the remaining share.
“This means that you need to get a smaller mortgage to buy the property, and will also need a smaller deposit, this is usually 5% of the share you are purchasing.”
Are you eligible? You can buy your home with Shared Ownership if:
· Your household earns £80,000 a year or less;
· You’re a first-time buyer or are unable to purchase on the open market.
· Your income is sufficient to cover the mortgage (if applicable), rent and service charges;
· Your chosen Shared Ownership property is affordable and sustainable for you;
· 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.
Jamie and Hayley Smith, currently Magenta Living tenants, are eagerly awaiting their move to a new shared ownership property in Bromborough with their three children. Hayley, who is a health visitor with the NHS, and Jamie, a support worker, said:
“We are so excited at the prospect of owning our own home. We’ve been tenants of Magenta Living for 10 years and we’ve had happy times in our house, but to be able to move into our very own home is a dream come true. Thank you to Magenta, Claire and Scott for all their help – Claire – you have been amazing!”
Magenta has properties available in a number of areas and more details can be found on our website or by contacting our Head of Sales at clairehenning@magentaliving.org.uk or 07496 624182 for more information.
Caption: Scott Sharp and Claire Henning with Hayley and Jamie outside their new home