Are you currently renting but getting stuck trying to buy your first home? That’s the position Richard and Peter found themselves in before they discovered Shared Ownership.
After being recommended the scheme by a friend, they contacted Radian Homes about a two bedroom apartment in Poole. They were surprised to find out just how easy the scheme was to use. “We didn’t think we’d be in a position to get a property that soon,” said Richard.
“The process was easy and clear,” they said with regards to purchasing with Radian Homes, “Advisors were offering help at every stage.”
The home they moved into is in the perfect location for them and offers fantastic views of the sea from their balcony, with shops and facilities just a short walk away. “It’s great to be close to Poole town centre but equally away from any hustle and bustle as the apartment is in a lovely quiet neighbourhood.”
The two bedroom apartment had a market value of £200,000, but with Shared Ownership they could buy a 70% share for just £140,000. This meant the mortgage deposit they had been saving up for was only £7,000 although they opted to put more in which helped lower their monthly mortgage payments.
Richard and Peter are now enjoying the space that they proudly own. “The property’s size is well balanced. It’s spacious enough yet still cosy.”
The apartment was part of Radian’s Shared Ownership Resale scheme, which enables existing Shared Ownership properties to be sold on to people who are trying to make the leap onto the property ladder.
“We would definitely recommend the scheme to everybody! It gives you the opportunity to buy as much of the property as you can afford and start a life on your own.”