Affinity Sutton helps Peter Cumming out of his ‘renting rut’!
Did you see the lovely Peter in Tuesday’s Metro? We got a full page for our client, Affinity Sutton, after he agreed to tell us his story.
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.
Shared ownership enables buyers to purchase a share of the property (25% to 75%) and pay a reduced rent to Affinity Sutton on the remainder. Residents have the opportunity to buy more shares – a process known as staircasing – at a later stage, until they own 100 per cent of their home.
“Living in London it’s pretty hard to get on the property ladder so when my friend told me about The Fable Apartments at The Lexicon, I assumed I wouldn’t be able to afford it. However thanks to Affinity Sutton I realised it was achievable,” Peter says.
Peter purchased 25% of a two-bedroom apartment at The Lexicon – a stunning, 36-storey tower designed by world-renowned architects Skidmore Owings & Merrill (SOM) – paying just £181,250 (full market value £725,000), with a 10% deposit of £18,125.
The move made perfect financial sense. Thanks to shared ownership and the rent Peter receives from his lodger, his monthly outgoings are now less than the monthly rent payments he made at his previous home – a three-bedroom apartment he shared with friends in Clapham.
“Shared ownership has given me stability and I now have a home I can call my own!” says Peter.
All of the homes at The Fable Apartments at The Lexicon are now sold, however Affinity Sutton offers a range of shared ownership developments throughout London and the South. For more information contact 0300 100 0303, email firstname.lastname@example.org or take a look at the website: www.affinitysutton.com.