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A bright financial future

When Sumon decided to buy his first home, he never dreamed that it would actually be cheaper than renting.

Yet his new two bedroom apartment at Solar House, which he bought through a government backed part-buy, part-rent scheme, costs him £650 per month. This is £50 a month less than he was paying before he made this first step onto the property ladder. Not only is Sumon saving a credit crunch busting £600 a year, but he and his wife Tania also have the stability of owning their home and the privacy of having the place to themselves.

“I was trying to buy a place but it was too expensive,” explains Sumon. “This way was much easier.” Sumon, who works as a data engineer, bought 30% of his brand new flat from Metropolitan Home Ownership (MHO). He pays a reduced rent on the remaining 70%. Part-buy, part-rent is also known as New Build HomeBuy or shared ownership, and is available to anyone living in London and earning less than £60,000 per year.

One of Sumon’s friends had already bought a home from MHO, at On the Green in Edmonton. “My friend recommended MHO to me, and explained that I needed to apply with Housing Options. The Housing Options website was easy to use and convenient for me. Once I’d been approved I looked for homes in Haringey, where I was renting.” When Sumon saw Solar House, only a 3 minute walk from Wood Green tube station, he decided it was the home for him. Although he was renting a Victorian flat, he wanted to buy a brand new home. “There is less work needed one a new home,” he said.

Buying a brand new home will usually save you money on bills, due to increased energy efficiency and because fewer improvements are needed before you can move in. You get a blank canvas to create your own home, and safety and security due to higher construction standards. The brand new homes at Solar House are designed to the highest quality and, for less than £700 per month, are affordable without sacrificing those little extras that make a home. Each new kitchen has white gloss units and stylish black work tops, ceramic floor tiles, an integrated fridge freezer and a washer/dryer. Sumon’s master bedroom has fitted wardrobes and an en-suite in addition to the main bathroom.

Would-be home owners have found getting a mortgage difficult during the recession. Sumon was worried about how he would get one; “as a first time buyer you usually need a 25% deposit, and I couldn’t afford that. But only buying 30% of the apartment made it much easier. I can buy more shares in it over time, too, until I eventually own 100%.” Sumon had help throughout his application. “The staff at MHO were fantastic; they were very helpful,” he said. “They helped me to process my mortgage application and helped me to understand how it works.”

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