Success story: how a key worker used a shared-ownership scheme to buy her own home

Six years after buying a 50 per cent stake, Vugo Magwaza staircased her way to becoming the sole owner of her two-bedroom flat.
S Saunders
Anna White20 September 2018

Social worker Vugo Magwaza, 47, was renting a one-bedroom key worker flat in Woking, Surrey, but needed more space and security in order to adopt children. Shared ownership was the way forward.

“It has transformed my life,” she says. “I could never have afforded to buy a house outright and it’s a brilliant way to buy in stages.”

When Vugo bought her maisonette from Thames Valley Housing association in 2012 she paid £87,500 for a 50 per cent share (full market value £175,000).

She put down a five per cent deposit and raised a mortgage for the balance.

In addition to her mortgage repayments, she paid a nominal rent on the 50 per cent share.

The pros and cons of shared ownership

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In 2016 she bought a further 35 per cent (known as "staircasing"), increasing her holding to 85 per cent, and last year she bought the final 15 per cent share and became the sole owner of her property.

Vugo’s mortgage repayments on her home are £930 a month and in the short term she has let her second bedroom to a student to help offset the costs.

“I’ve never been happier. I have my own home, more space and I’m well on the way to building the life I’ve always wanted.

"It feels bigger than many new properties and has a lovely garden, too, which will be perfect for children.”