Buying a shared ownership home

What is shared ownership?

Shared ownership, also known as part rent, part buy or New build HomeBuy, is a great way to get your foot on the property ladder. It's exactly what the name suggests - you buy a share in your home and rent the remaining share from a registered landlord. You can then choose to buy more shares in your home as and when you can afford to.

How much will owning a shared ownership home cost me?

The one-off costs you will probably need to pay include your deposit and fees to your mortgage provider and legal fees to your solicitor.

Your monthly costs will include mortgage payments to your lender, home insurance, utility bills (such as gas, electricity, water etc), council tax and service charge. Rent on the remaining share (usually up to 3% of the remaining share) is payable monthly to Magna Housing Association or Magna West Somerset Housing Association.

So if you buy a 50% share of a home worth £100,000 (known as the "open market value") you would need a mortgage for £50,000 (ie 50% of £100,000). Your monthly costs would be your mortgage repayment of about £322 (at 6% interest over 25 years) and your rent on the remaining 50% share to the housing association of £125 (3% of £50,000 is £1,500 over 12 months). So your total cost per month would be £447. See examples of how much shared ownership costs

How do I buy a home by Charter?

Step one

Choose your home

Step two

Contact Charter

Step three

Register