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’.