As a young couple looking to move into your first home might seem daunting. However, as Megan White and Michael Kelly found out, finding an affordable place to live doesn’t have to be complicated.
Both were still living with their parents when Megan became aware of the Shared Ownership scheme through her work for a firm of mortgage brokers. The couple’s joint income wasn’t enough to purchase a property outright on the open market which made Shared Ownership an attractive option for them.
“This way we were able to have a foot on the property ladder,” Megan explains.
Shared Ownership allows purchasers to buy a share in a home, then pay a low cost rent on the remaining un-purchased share. With mortgages and deposits based on the purchased share value, buying a home couldn’t be more affordable.
From finding your perfect home through to moving in you’ll find the steps to home ownership easy as Megan and Michael found out. “The process was pretty quick for us. It is extremely rewarding when you get the property of your dreams”
The house was part of Radian’s Shared Ownership Resale scheme, which enables existing Shared Ownership properties to be sold on to people who are looking to find their first home.
“Our house is a lovely two bed with kitchen diner and a small garden, perfect for our little puppy!” The couple say, pleased with their new home, “It also comes with off street parking and it’s not too far from both of our works.”
With a full market value of £270,000 Shared Ownership meant that Megan and Michael could buy their two bedroom house in Alton for a 50% share at only £135,000.
The couple have enjoyed making the property into their own. They’ve been busy redecorating and have turned the house into a great home that they can be proud of owning.
Megan and Michael are now extremely pleased in their new home and couldn’t be happier with the Shared Ownership scheme, “We think this scheme is perfect for young couples looking to get on the property ladder earlier in life.”