“It’s brilliant and makes it easy for young, first time buyers to step onto the property ladder”

11 Dec 2017

Taking your first steps onto the property ladder can be tough, but the Shared Ownership scheme can change all of that – as our first time buyer James recently found out.

James was always determined to own a home of his own. However, while saving for a house deposit, he quickly realised that finding a mortgage was going to be a struggle. ”I wanted to purchase a home on my own, and my income simply wasn’t enough to purchase outright on the open market” explains James. “So when I became aware of the Shared Ownership scheme through a friend, it was a very attractive offer.”

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.

Working just around the corner from the Kennet Island development in Reading, James decided to enquire about the type of homes available – and was delighted to find out that there were going to be a number of apartments available through the Shared Ownership scheme.

”I contacted Radian Homes to register my interest in and reserved my flat in February. I wasn’t in a hurry to move so reserving off-plan with a scheduled move in date of August was perfect – it gave me more time to save my pennies for new furniture! Between the support of my mortgage advisor and Katie, my Radian Homes Sales Officer, the process ran very smoothly. I hardly had to do anything! It was so much easier than I thought.”

James purchased a 35% share in his home at Kennet Island for £87,500, and the monthly mortgage payments are based on this figure – while a low-cost rent is paid on the rest. Features such as underbath storage and a flat-buzzer which links to James’ smart phone makes his new apartment even better value for money.

‘Owning my own home gives me the space to do what I want’ states James. ‘My family are so proud of me. My mum and girlfriend couldn’t wait to spend a day in Ikea planning my decor, and I even find my interests are changing too. Last month I even got excited about buying a new vacuum!’

Speaking directly about the Shared Ownership scheme, James concludes ‘It’s brilliant and makes it easy for young, first time buyers to step onto the property ladder. I have the option to buy more shares, or to sell my share and use the scheme again to buy somewhere bigger – together with my girlfriend. There are so many options available now I’m on the property ladder and Shared Ownership helped me get there’.

For more information on the scheme, take a look at our Shared Ownership guide. Or click here to explore Shared Ownership properties near you.