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Shared Ownership for Thomas

Thomas Doesn’t Have to be Mr Moneybags to Buy a New Home...

How Thomas Hunt said goodbye to 'money down the drain' and came to be a proud home owner with HomeBuy Direct administered by MHO.

Thomas Hunt had been renting privately in Ruislip for several years, which doesn’t seem out of the ordinary. However, for Thomas, who until recently worked off-shore, spending only two weeks a month in a property he was paying a full month for seemed to be money down the drain. “It just didn’t make sense. I was paying for a space and time I wasn’t using; at least if it was my own place it would be an investment.”

It was this realisation that prompted Thomas to look for a home of his own. Initially, Thomas had no knowledge of HomeBuy products such as HomeBuy Direct until he began to look at properties within his local area and found out more about the affordable options available to him.

“I just started looking and kept eye open for new developments in the local area. I was really happy when I found out about HomeBuy Direct; it was such a relief to know something like this was out there.”

Thomas got online and completed the application form on the Housing Options website; London’s free one-stop service to help customers find government funded affordable homes to rent or buy, Metropolitan Home Ownership (MHO) run this service for West London, where Thomas lives.

“It was easy to use and the MHO Housing Options team were very communicative, keeping me in the loop with any issues that arose during the buying process.”

HomeBuy Direct offers people who can’t afford to buy a home of their own outright the opportunity to buy a new home affordably through a shared equity arrangement. The home buyer raises a mortgage for 70% or more of the full market value of the home, with the government and developer contributing an equity loan for the remainder, the equity loan is free for the first five years. Thomas is delighted with his choice.

“I own a percentage of the value of the property and pay it back. The interest rate is low and there is nothing to pay for 5 years, plus no overcharge fee; all really helpful when you’re a new home owner. The value of my new home is £250k and I had a 6% deposit. The mortgage will be £800 per month - it’s more than what I’m paying for rent but I feel it’s an investment for the future, my rent is just dead money.”

Thomas completed on his new home in September, and is now settling into his two-bedroom Taylor Wimpey apartment within the Sandringham development in Eastcote, which offers modern, fitted kitchens, spacious, open-plan living spaces and allocated parking, and is within easy reach of the tube. 

“I would recommend the scheme to anyone. It’s geared for those that aren’t Mr Moneybags. I see myself being here for 5 to 7 years and then I’ll probably sell and move on. Having bought a two bedroom home it offers me good residual value as it gives me options for the future, with the choice of being able to sell it on to a young family or to start one of my own.”

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