Read our case studies and watch our video to find out how shared ownership helped these buyers to get a foot on the property ladder. If you have any queries regarding shared ownership, please contact a member of the sales team.
We were contacted by a retired couple who owned their own property but it was mortgaged with an interest only mortgage where the capital was due to be repaid in 5 years.
They realised that they did not have sufficient funds to repay their capital and felt that their only option they believed was to sell their house and move to rented accommodation.
The Housing Options team helped the couple to look at all options and because they would have some capital after the sales of the house, they suggested that they considered shared ownership. They could put down a good deposit and their monthly outgoings would be considerably reduced. The couple were delighted. "We feel more secure as part owners and it means that if anything happens to us, our children will still get a small inheritance when the property is sold which is important to us".
A common dilemma faced a single woman with children following a divorce.
The family home was sold and because she worked 16 hours a week, her earnings were too low for another mortgage to purchase outright.
She didn’t know which way to turn and thought that she would end up as homeless. Fortunately, the settlement she received following the property sale meant that she could use it as a deposit and then obtain a manageable mortgage on part ownership of a new home.
"It is such a relief, I didn’t know what the future held for me and my kids. I’ve rented privately before and you are always worried that the tenancy will end or they will put the rent up. This means my family is safe and we know exactly what our outgoings are. They are less than I thought so we still have a bit left over for small treats".
A recently qualified graduate was disappointed to find that he would only be able to secure a mortgage which was well below the market value of homes in the district.
He was worried that by the time his salary had increased enough to have a higher mortgage, the value of properties would have risen to a level he still could not afford.
"I saw the shared ownership advert in the paper a few times and the penny dropped. I could get a mortgage for a smaller amount and then increase it when my wages went up so that I gradually owned more of the property. It is the perfect solution for me and I tell all my friends about it – you’d think I was on commission!"
A young family came to meet the Housing Options team to see if shared ownership could help them get on the property ladder.
When their first child was born, they had dropped to one income and struggled to save for a large deposit.
"Every time we put some money away, we needed it for something else and we honestly thought we would never be able to afford the deposit needed. Then we were told that on one income, we wouldn’t get a high enough mortgage, even if we were looking at smaller houses. Thankfully, only buying a share of a house with a mortgage and then renting the rest meant that we could afford a mortgage even on one salary. We’re now settled in a lovely house which has been recently modernised by The Community Housing Group and we couldn’t be happier"