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Self-employed hairdresser buys first home through Shared Ownership in East London
Josephine purchased a 35% share of a one-bedroom home at Motion, E10. "It's great to be living in a buzzing new area that is both affordable and has plenty to offer!"
Josephine found her dream home through Shared Ownership with Peabody New Homes
Three years after moving from a house share in Hackney into her new-build apartment at Peabody New Homes development Motion, in March 2020, Josephine Redfern has embraced life on her own. Life looked very different sharing her space with two others.
“Having somewhere to call my own has made such a difference to me, I love living by myself! I have freedom now, I can have guests round whenever I like, I never have to check if the kitchen will be free and I now get to see my parents on a monthly basis as they have room to stay with me! I absolutely love living alone, I talk all day for a living, so it’s nice to come home to the peace and quiet, be able to chill and know there is no mess, it’s the same as it was when I left for work in the morning – it gives me a chance to decompress.”
Shared Ownership makes homeownership accessible to single and self-employed people
“If I were to rent a one bed in this area I would be paying almost double what I am now, so for me it was a no-brainer. Being self-employed and wanting to buy on my own came with challenges but it was well worth it. Thankfully I was able to put down a larger deposit than required to qualify for the scheme, which boosted my affordability. For anyone who might be concerned that being self-employed will hold them back, this option will help them meet the criteria.”
“Shared Ownership needs more exposure, it needs to be explained more. I didn’t meet the affordability criteria and I thought that was it – game over. However, Peabody New Homes were able to help as I had a bigger deposit than required which made it achievable. So it works for both those with a low deposit and those who have a little more funds available.”
Peabody New Homes created a community hub at Motion
“Peabody New Homes maintain the development really well. The concierge is fantastic, the whole place is super clean and tidy and is cleaned on a weekly basis. I literally have no complaints!”
“The garden is a great space and it’s so nice to see and hear children playing outside. If I am not on my balcony, I tend to spend the majority of my time on the roof terrace. It’s massive, we have drinks up there and even hosted a Jubilee rooftop party. In fact, I forged a friendship with one of my neighbours through our shared love of the roof terrace! Everyone here is really friendly.”
Shared Ownership offers a path towards homeownership with Staircasing
“The new responsibility felt daunting at first but I adjusted to the changes really quickly and much prefer it. Knowing I have money going aside into an investment rather than renting and paying off someone else’s mortgage is a huge relief. It offers more security, as no one can ask me to move out and I don’t have the stress of trying to find new flatmates. Shared Ownership has enabled me to do this alone, something I feel really proud of!”
“I took a five year fixed rate mortgage, so I have another 18 months or so to go before I will look at staircasing, I will just have to see what the rates are doing when the time comes, but the plan is to increase my share.”
Shared Ownership helped Josephine find a home in her ideal East London location
“There is so much happening around here, the connectivity is incredible if you want to hop on the Main line, Lizzy line, Central line or DLR. I work in the city five days a week and meet up with most of my friends in Central London, so being able to get around without giving it any thought is just a luxury for me. In fact, I’m off to see The Strokes at All Points East Festival today in Victoria Park – another fab thing about living here.”
“Francis Road in Leyton has some really good pubs as does Black Horse Road with all the breweries and wine bars that have taken over the warehouses. It feels very similar to Hackney Wick here now. The Princess of Wales pub on the canal is one of my favourites, such a good spot, or there is Millfields Coffee in Lower Clapton, where I can be found enjoying a coffee and cake.”
Find your dream home
Peabody New Homes offers homes to buy through Shared Ownership across London and the Homes Counties. You can find more than just a place to live.