- Oxford born and bred professional buys locally thanks to Shared Ownership
- Cats, Crossrail and Co-working space drew this buyer to Southmere
- First time buyers realised it would be cheaper to buy together than rent individually
- First time buyer finds the perfect place to call home in buzzing south London hotspot
- First time buyers use Shared Ownership to find their first home together
- A Need for Speed: from renting in Kent to a quick commute on the Elizabeth Line from Southmere
- Design was key for architect’s first home in South East London
- First time buyers new kitchen inspires Great British Bake Off entry
- Help To Buy helps couple start family life with new Puppy in Deptford
- Shared Ownership provides luxury living at Lazenby Square
- Shared Ownership at Limebrook Walk keeps first time buyer close to home
Friends staircase their way to full homeownership in London
“Staircasing allows you to buy as much as you can, when you can. You can evolve your homeownership as your circumstances change." Aroma - homeowner at Honeypot Lane
From renting to owning in London
After spending years renting in London, wealth manager Aroma Khan was determined to buy her own home. But when she purchased a 30% share of a three bedroom apartment in Queensbury, northwest London, Aroma had no idea that, just two years later, she would be staircasing her way up to 100% ownership with a friend. Prior to this, she had been renting in London since 2015. When Covid struck, she moved back home to Birmingham, to be with family. The move meant that Aroma was no longer paying rent, meaning she had the chance to save for a deposit.
“I’d heard of Shared Ownership through a friend who used it to buy a flat some time ago,” the 38-year-old recalls. “I knew it involved buying part of a home and renting part but didn’t know any further details until I talked to Peabody New Homes.”
Buying with a lower deposit
When Covid struck, she moved back home to Birmingham, to be with family. The move meant that Aroma was no longer paying rent, meaning she had the chance to save for a deposit. Determination to buy her own home set in but Aroma couldn’t see a way to afford a home in London on her salary at the time. The answer lay in Shared Ownership.
“Don’t let fear of rejection put you off applying for Shared Ownership – just go ahead and go through the calculation process. You never know what you can afford until you’ve done the calculations. And once you’ve got your foot on the ladder through Shared Ownership, you can staircase your way up to full ownership at your own pace. Even if you own 30% of somewhere, it’s like your own little savings pot – and that’s much better than putting 100% of your money into rent.”
Afford more with Shared Ownership
Convinced she couldn’t afford a larger property but curious to look anyway, Aroma viewed a three-bedroom apartment in Hawking’s House. Aroma recounts: “As soon as I walked in, I thought ‘This doesn’t feel like your typical London box!’ There were high ceilings and just so much space. Plus, the property overlooks the train tracks by Queensbury Tube station, so I knew there was no possibility of more buildings going up to block the light that fills our home. I’m a fairly fast decision-maker and I’d decided by the end of the viewing that this was where I wanted to live.”
It took a few months to complete the legalities of the purchase, with Aroma completing on 14th February. The completion date meant she received £2,000 cashback from us as part of an offer. The fact that the apartment included white goods was another financial bonus.
Staircasing to full ownership
A year later, Aroma’s best friend Fatima moved from Birmingham to London, and an initial stay in Aroma’s flat gradually turned into a savvy financial plan for the pair. By the time Aroma’s initial two-year fixed mortgage period came to an end, the two friends had decided they loved living together and by combining incomes they purchased 100% of the home between them, splitting the purchase equally.
Aroma comments: “This is exactly what staircasing is all about. You buy as much as you can, when you can. You can evolve your homeownership as your circumstances change. For us, it made total sense. We love living together and now everything we contribute financially goes towards paying off our mortgage, rather than renting. And in the future, if one of us wants to move out, we’ve still made that sound financial investment.”
Local community within minutes of central London
The friends love living in their apartment, which is under a minute’s walk from Queensbury Underground station, perfect for swift access into London courtesy of the Jubilee Line. They have a supermarket on the doorstep, which is hugely convenient, and have joined a friendly local gym that offers plenty of classes and fun competitions.
Aroma explains: “It’s a lovely area. It feels very safe and Hawking’s House is very clean and well maintained. It felt warm and welcoming the moment I first stepped into the building and that’s a good feeling to come home to. It’s a friendly community to be part of and there’s a nice shared garden area too. I sometimes take my cat there on a lead when the weather is nice.”
Find your dream home with us
We have homes available across London and the Home Counties. Find more than a place to live.