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- First time buyers realised it would be cheaper to buy together than rent individually
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Young family buys affordable home through Shared Ownership
Steven and Rachel have purchased a 50% share of a 3-bedroom house at our development The Lanes at Thorn Fields, in Houghton Regis.
Finding an affordable way to become a homeowner: Shared Ownership
“We were desperate to find a house we could call our own, but we knew we wouldn’t be able to buy on the open market. I was aware of Shared Ownership having worked as an estate agent in the past, so I convinced Rachel we should look into it. Rachel had owned a property in the past so she didn’t think she would be eligible – however, I explained that’s a common misconception. In fact, anyone who doesn’t currently own a property, could be eligible for Shared Ownership.”
Shared Ownership is a part buy part rent scheme that is accessible to anyone aged 18 or over who doesn't currently own another property. If you cannot buy a home on the open market and your annual household income is less than £80,000, you can apply for a Shared Ownership home and step onto the property ladder.
The young family managed to buy their first home locally
“We googled Shared Ownership properties in the local area, and found Peabody New Homes had some available at The Lanes. We completely fell in love with the place – even just seeing it online – so we arranged a viewing right away”
Steven Taylor, and his partner Rachel North had been living with family near Houghton Regis, Bedfordshire, while they saved up to purchase their own property. Steven, who works in sales for a company that supplies Science equipment, and Rachel, a hairdresser who also runs her own business creating wax melts, have purchased a 50% share of a 3-bedroom house at our development The Lanes at Thorn Fields, in Houghton Regis.
Slightly improving your credit score can work to buy through Shared Ownership
“Unfortunately I had bad credit, and I thought it would take a lot longer for me to build up the credit score to get a mortgage. As we liked The Lanes so much when we went to our viewing, we thought we would have a go anyway. We had a couple of meetings with the financial advisors, it was all pretty straightforward. When they told us we were approved, I was amazed – I can’t lie, I even cried! It really showed me that everything does fall into place!”
Improving your credit score is crucial to being approved for a mortgage as banks need to make sure you will be able to make your payments every month. That being said, buying through Shared Ownership means you are only purchasing a share of the property and therefore need a mortgage for a much smaller amount of money. It might be easier to give evidence that you have the financial means to take on this purchase.
Peabody New Homes helped Steven and Rachel buying off-plans
Rachel comments on the process of buying off-plan: “For us, it didn’t feel strange. We’ve seen the quality of the show home, and the floorplans. It’s really appealing having a new home that no one else has lived in. When it came to it, Peabody New Homes gave us a choice of two homes we could have, so we selected our dream home. I have to say, the service from the team at Peabody New Homes has been faultless throughout – and we’ve high standards because of Steven’s estate agency background!”
“The property we’ve bought is stunning. It’s double fronted, with the most amazing living space. It really has the potential to be our forever home. The street seems really quiet and there is a great family feel already, which is perfect for when Steven’s 5-year-old son comes to stay.”
Staircasing allows you to fully own your Shared Ownership home
“We definitely plan to staircase. When we staircase to 100% at The Lanes, we will even own the freehold of the property - something I didn’t think would be possible a few months ago, when I thought we wouldn’t even be able to get the mortgage. It’s a dream come true!”
Staircasing refers to the process of buying more shares of your Shared Ownership home as time goes on. If a homeowner staircases to a 100%, they will become the full owner of the property. In some cases, that also includes owning the home freehold meaning owning the land that the property is built on. Shared Ownership is a great alternative to buying outright, especially if you are ready to find your long-term home and settle down.
Find more than just a place to live
Peabody New Homes has a number of homes available to buy through Shared Ownership across London and the Homes Counties. Search to find your next home.