Shared Ownership 2.1 – taking stock

Shared ownership is changing lives

Robyn, 28, a single working mum from Wolverhampton, recently took advantage of the shared ownership scheme and now lives in her own home with her 5 year old daughter Makiya.

Working in mortgage fraud prevention, Robyn definitely knows a thing or two about mortgages, however she didn’t know much about shared ownership.

After a simple search online, Robyn discovered the homeownership option, and quickly contacted the housing provider to discuss the next steps on her journey. Just two months later the young family were in their new home!

Before purchasing her new home, Robyn had lived in rented accommodation but decided to move back in with her mum so she could start saving for a deposit.

Through her internet search Robyn discovered that shared ownership is a great option for people with limited savings, as buyers only need a deposit for the share they are buying. With only a single income, shared ownership has allowed Robyn to buy a 25% share in her home and have a 'greater sense of security' for herself and Makiya.

“I would never have been able to afford a home if it wasn’t for shared ownership. The best thing about my new home is knowing it’s mine and that I am investing in something for my little girl for the future.”

Robyn hopes to buy more shares in her home so she can one day own it outright, and says the ability to do so was one of the main advantages of choosing shared ownership in the first place. She has already recommended the scheme to her family members looking to get on the property ladder.

Room for a family

Stephanie, 28, and fiancé Alice Cattermole, 22, are just crazy about children; so much so, that they both work in childcare at a nursery in Kent. The couple plan to get married next year, and hope to start a family of their own soon after, which is why buying their own home, with a second bedroom, became increasingly important to them.

Stephanie, explains why the opportunity was so perfect for her and Alice: “We had been living in a rented flat, which was nice enough, but only had one bedroom, so no room for a family. Also, we were increasingly aware that we were spending money on rent each month, and would never have a home of our own to show for it. I’d had previous experience of buying a flat through shared ownership, so knew the scheme was a brilliant way to get back on the property ladder.”

Their homeownership dream was realised recently when they moved into a new two-bedroom house at the Goodwin Gate development in the coastal town of Deal, thanks to shared ownership with Orbit.

Stephanie is delighted that buying their own home is so cost-effective, commenting: "We have been pleasantly surprised to find that buying a two bedroom house through shared ownership is only costing us fractionally more than we were paying for private rental of a one bedroom.”

Stephanie and Alice bought a 50% share of the two-bedroom house and pay a government-subsidised rent on the remaining portion. As their financial situation improves, they can increase the purchased portion of the house through a system known as staircasing, and the rent each month will reduce proportionately.

Stephanie and Alice are already enjoying having the space to invite friends over, and it seems their new home is making quite an impression:

"Every time we have friends to visit, they leave wanting to buy an Orbit shared ownership house themselves! People just can’t believe how lovely our home is, despite being so affordable. We are incredibly happy here, and so glad that we had the opportunity to buy through shared ownership. It means we can plan our future and look forward to having children of our own."

First step to homeownership 

After being together for almost ten years, Ashley and his partner Hayley are finally enjoying life in their new home after being helped on to the property ladder by the government’s shared ownership scheme.

Describing themselves as 'serial renters', the couple and their two year old son, Toby, are delighted to finally be in a home they can call their own after years of renting.

"The main reason why we wanted to move is so we could have a big family. We were living in this really tiny two bed rented place with no room to have another baby, but now we can."

Ashley also explained that he was fed up with putting money into someone else’s pocket and wanted to build a future for his family in a home that they could make their own.

The couple, both aged 33, rented in Warwick before becoming homeowners by buying a 55% share in a three bedroom house at Orbit’s Knightcote Place development in Bishops Itchington, Warwickshire.

"Buying through Orbit was the only way we could afford to get on the property ladder and buy something suitable for all our needs."

Shared ownership is one of the government’s affordable home ownership schemes, providing aspiring home owners who can’t afford to buy a house on the open market the chance to purchase a share in a home. Run through housing associations, the scheme allows individuals to buy between 25% and 75% of a property and pay subsided rent on the remaining share.

When asked about how his son is finding his new home, Ashley explained: "The space for my son to play really is amazing. He loves it. He has a whale of a time. You can’t put a price on that."

"I would recommend shared ownership to anyone who can afford a mortgage, but don’t have the deposit to buy a home outright."

This young family clearly loves the freedom of homeownership. In the future Ashley and Hayley hope to buy more shares in the property with a view to owning it outright one day.

Ashley and Hayley, both 33