Are you tired of renting, but don’t think you can afford a home of your own? That’s what Gary thought until he came across the Shared Ownership scheme…
After six years renting with a friend, Gary, age 35 wanted somewhere new to call home. Assuming he couldn’t afford to buy, Gary started looking at rental properties, and that’s when he discovered the Government-backed Shared Ownership scheme.
‘After looking into the details of the scheme, I realised that owning my own home was very possible. I immediately switched from looking at rental properties to homes available with Shared Ownership’ explains Gary.
Shared Ownership allows purchasers to buy a share in a home, then pay a low cost rent on the remaining share. With mortgages and deposits based on the purchased share value, buying a home couldn’t be more affordable.
It was while searching for Shared Ownership properties that Gary came across the development at Kennet Island in Reading. ‘It was an area I’d always wanted to live in but thought it was unaffordable’ said Gary. ‘I booked my space at the launch event as soon as details were released.
After an affordability check on the night from an independent financial advisor, I was given the fantastic news that I could purchase a larger share than I thought. I reserved my new property within 20 minutes of arriving and I couldn’t have been more excited’.
Conveniently located close to work and with a high-spec finish and stunning mod-cons, Gary couldn’t be happier with his new home. ‘My family have been so supportive throughout the process. They even let me move back home to save while my apartment was being built’. Now settled in his new home Gary says ‘I love my flat. It’s tough to pick out the best features, the bay window is beautiful. Plus, how great is it to have your own little corner of the world?’
So, what does Gary think about the Shared Ownership scheme? ‘ I can honestly say that without the scheme there is no way I’d be in a position to own my own home, let alone a brand new one. To rent a property with the same specification within Kennet Island would actually cost so much more’.