It’s Shared Ownership Week –an event organised to raise awareness of this great initiative, which helps thousands of people a year to get on the housing ladder. We thought we would take a look back at some of the happy residents that our housing association clients have homed recently.
Shared ownership enables buyers to purchase a share of a property – ranging from 25 to 75 per cent – and pay a discounted rent to the housing provider on the remainder. Just a five per cent deposit of the share purchased is required with buyers raising a mortgage for the rest. Over time, shared owners can buy more shares – a process known as staircasing – until they own 100 per cent of the property.
When Bunmi Odubanjo, 28 had to move back into her mums, she was determined to save money for a deposit on a new home through shared ownership. After searching on the internet Bunmi found exactly what she was looking for at Thames Valley Housing’s iconic development, The Serpentine, named for its elongated, curved shape. She was able to buy a 50% share in a two-bedroom apartment at The Serpentine worth £145,000 with a 5% deposit of £3,625.
Just over two years later, through sheer determination and a lot of sacrifices, she had saved up enough money to put down a deposit of £12,000 in order to secure a mortgage for the remaining 100%. Bunmi is now over the moon that the money she used to have to put away for the deposit, she is now able to spend time traveling again, which she hasn’t be able to do in years.
Thames Valley Housing offers shared ownership on a selection of schemes across London and the South East. For more information please visit: www.tvhsales.co.uk
Trapped in the familiar renter’s nightmare and having dismissed the possibility of being able to afford to buy in London, Peter Cumming (32) was delighted to find he could buy a two-bedroom apartment in desirable Islington in Zone 1 of the London travel network, thanks to Affinity Sutton’s shared ownership scheme. Peter purchased 25% of a two-bedroom apartment at The Lexicon – a stunning, 36-storey tower– paying just £181,250 (full market value £725,000), with a 10% deposit of £18,125.
“Shared ownership has given me stability and I now have a home I can call my own!” says Peter.
Prices at the Nine Elms development start from £113,750 for a 25% share (full market value £455,000). For more information contact 0300 100 0303 or take a look at the website: www.affinitysutton.com.
Earlier this year Gurpritam Singh and Jasbir Kaur (both 37) were able to start their climb on the property ladder and have somewhere to call home for their two children through shared ownership at Lime Walk, Wembly. Using part of their savings of £40,000 to put down a 25% deposit, the family bought a 35% share (valued at £156,000) of a three-bedroom, two-bathroom apartment at Lime Walk, a landmark scheme of 81 apartments by Network Homes. The apartment’s full market value was £445,714.
“Shared ownership has made the world of difference to our family,” says Gurpritam. “It’s such a relief to be in our own place; it’s brought stability to our lives. Now that we’ve decorated and made it our own, it really feels like home. We are very happy.”
All the homes at Lime Walk have now all sold. However, Network Homes has many homes for sale through shared ownership available, please visit https://www.networkhomes.org.uk or call 0300 373 3000 for more information.