Want to purchase your own home, but not sure how you’ll afford it? Shared Ownership may be the answer…

18 Dec 2017

Want to purchase your own home, but not sure how you’ll afford the monthly payments? Josh was in the same situation until he discovered the Shared Ownership scheme.

After spending many years in the world of private renting, Josh was keen to invest in his own home. However, he was unsure how he would be able to afford the monthly payments. So, after a friend made him aware of the Shared Ownership homes for sale with Radian Homes at Kennet Island in Reading, Josh was keen to find out more.

‘I booked my space at the Kennet Island Open Day and turned up expecting to find out more about the scheme and how it could work for me’ explains Josh. ‘The Radian Homes team discussed my options with me and I soon found out the monthly payments would be no more than if I was renting. After a chat with the financial advisor, I was given the great news that buying a Shared Ownership home at Kennet Island was affordable. I made the decision there and then to reserve my home – and I couldn’t have been happier’.

Shared Ownership allows purchasers to buy a share in a home, and then pay a low cost rent on the remaining unpurchased share. With mortgages and deposits based on the purchased share value, buying a home couldn’t be more affordable.

The process of buying a new home may seem a little bit daunting, especially for a first time buyer like Josh, but luckily there is always expert help on hand. ‘Radian Homes made everything straightforward and easy to understand. I had a few minor issues with my application, but the support I received from the team and Sales Officer Katie was fantastic’ notes Josh.

‘I was thrilled when I received the keys’ says Josh. Kennet Island is a stunning development, set just off the A33 and seven minutes away from the train station. Boasting it’s very own gym, a high-spec finish and with local amenities close by such as the Oracle shopping centre and supermarkets, Josh’s new home couldn’t be more perfect for him!

With a full market value of £250,000 he was able to purchase a 45% share for just £112,500. This means Josh only pay £315.10 per month on rent (there is of course other charges, such as his mortgage payments too). However, Josh states ‘I spend no more than I did renting, yet I own a portion of my home. It’s a no brainer.’

Josh was also keen to tell us what the best thing about his new home was. ‘It’s great knowing that the money I spend on my mortgage each month is going towards equity in my new home. Plus I can actually decorate my own home and buy the furniture I want – something you can’t do when renting. I take real pride in my home now’.

Now that Josh’s friends and family have had chance to look round his new home, what do they think? ‘One of my closest friends has just purchased on the same development and another is keen to use the Shared Ownership scheme too now they’ve seen how it’s worked for me! My family are proud of what I’ve done’.

So, if like Josh you’re looking to move from the world of private renting to home ownership, speak to the Radian Homes team today. You can call them on 0800 145 6663 or email sales@radian.co.uk