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The benefits of home ownership

Couple move out of the rental market...

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House shares and rental properties are part of everyday living in and around London as people save in the hope of one day owning their own property. The experience of Vijeta Patel and Tejendra Jadeja shows that home ownership is a realistic option for many and it may be more straightforward than you think.

Vijeta (30) and Tejendra (31) came to London separately from India to find work. This is the story about how they went from renting with a live-in landlord when they first moved in together, to renting their own flat and then finally buying their own place. They are now the proud owners of a two-bedroom house at Lymington Place in Dagenham.

Reflecting on where they started Vijeta said: “The place we were first renting in Blackhorse Road was in a great location and had good transport links, but what we wanted more than anything was our own place.”

They used the time to save and decide on where they wanted to live. When Vijeta got a job at Queens Hospital as a biomedical scientist in Romford they focused their attention on that area, hoping that they could find somewhere close to her work. That’s when they spotted a 2- bedroom home at Lymington Place available to buy through Metropolitan’s FIRST STEPS Shared Ownership product.  However, it wasn’t to be as they did not match the eligibility criteria.

“We really wanted that house but so did everyone else,” recalled Vijeta. “Priority was given to those people who were already living in the area or had children and unfortunately that didn’t apply to us.”

The team at Metropolitan were keen to look at other options for Vijeta and Tejendra, however, and suggested the possibility of them renting a 1-bedroom flat at Lymington Place through the Intermediate Rent (IMR) option. Through IMR it is possible to rent a brand new or refurbished home at a rate which is set at around 20% lower than a similar home in a similar area, if renting from a private landlord. IMR is available to people who are not ready to commit to buying a home at that time. Taking up this option turned out to be a significant stepping-stone for the couple.

“We loved our flat! It was fantastic to have our own space and I found myself just a 10-15 minute drive from work,” said Vijeta.

The couple were paying £500 per month through the intermediate rent option, which is approximately £160 less than what they would have paid in the private market.

Vijeta commented: “Lymington Place is in a quiet and peaceful area with essential shops nearby. London Liverpool Street is just 20 minutes away which is very convenient but yet it feels calm as you get no sense of the hustle and bustle of the city. The location also works well for us as we are close to Ilford which has a lot of Asian shops for us to browse in when we have the time.”

Just six months after living there Vijeta and Tejendra decided they wanted to buy their flat and consulted Metropolitan about their full range of options. They knew they wanted to live at Lymington Place but realised there was an opportunity to buy one of the larger properties instead of their flat. They were torn as the flat felt like home to them, however, they knew that they would require more space in the future so ultimately decided to buy a brand new two-bedroom house instead. Now they are reaping the benefits of having a spacious property with modern amnesties in their ideal area.

Vijeta and Tejendra own 60% of their house and rent 40% at a rate of £142.50 monthly. The mortgage is £524.48 and the management fee is £5.33.

When asked about the decision to go for the 2-bedroom house Vijeta said they haven’t looked back remarking: 

“It’s fantastic and is everything we can ask for! It’s such a nice feeling to know that it is brand new. The bedrooms are good sizes good and we have our own private garden, which is something we didn’t have in the flat.”

Vijeta added:

“The support and advice given by Metropolitan was excellent. They really did guide us with our options.”

“We’ve already recommended shared ownership to our friends. Saving for a deposit is a problem for so many people but our story shows that home ownership with shared ownership is flexible way of going about buying a property and can help you achieve your goal of becoming a home owner.”

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