Read our latest case studies & discover more about buying your own home with Help to Buy.
Shared Ownership provides the ideal solution for Scott and Mary
After becoming parents Mary and Scott realised that they wanted the security of owning their own home. They were living with Mary’s mum and saving hard for a deposit whilst looking at their options.
They wanted to buy in Burbage, Leicestershire to be near to family but after taking mortgage advice it became clear that they wouldn’t be able to afford to buy outright in that area. However, their mortgage advisor suggested that Shared Ownership might be an option for them and as Mary says: “The deposit needed for Shared Ownership was much more affordable than if we were buying outright”.
Shared Ownership is one of the government’s Help to Buy affordable home ownership schemes. It provides aspiring home owners who can’t afford to buy a house on the open market the chance to purchase a share in a home. Offered by housing associations, the scheme allows individuals to buy between 25% and 75% of a property and pay a subsidised rent on the remaining share.
After a bit of research Mary and Scott were really pleased to see that Orbit Homes were selling Shared Ownership homes at the Sunloch Meadows site in Burbage and once they had applied to Help to Buy Midlands for confirmation that they were eligible for the scheme, Orbit Homes offered them a 40% share in a newly-built two bedroom house.
They got the keys and moved in within three months of reserving and couldn’t be happier: “We love our new home and our neighbours are really nice too”. They are also hoping to staircase and buy more shares next year.
Shared Ownership was definitely the right move for Mary and Scott: “We couldn’t have bought in Burbage without Shared Ownership and what we are paying now every month with our mortgage and rent is actually less than if we were to rent privately”, says Mary.