Nans moved to London two years ago to pursue a career in investment banking, despite only recently becoming a Londoner, he’s already the proud owner of a one-bedroom apartment in the heart of the City.
Nans admits he knew nothing about Shared Ownership before buying his home at Aldgate Place as there isn’t a similar tenure in France (where he’s originally from) but did some research when he saw an advert near the flat he was renting privately, Nans explains:
“I used to live in the area and pass by Aldgate Place on my way to work so I watched it being built. I never thought I could afford to buy there before seeing an advert on the tube one day. I got in touch with Metropolitan and was referred for a financial assessment straight away and then went to view Metropolitan’s show home.”
Metropolitan offered 45 one, two and three bedroom apartments for Shared Ownership sale as part of over 300 new homes at the Barratt London built development. Buyers at Aldgate Place enjoy a high level of specification in their apartments, gym facilities, a concierge service and a communal roof terrace.
Through Shared Ownership, you buy a share in the value of a home (as large a share as you can afford between 25% and 75% of the full market value) and pay a subsidised rent on the remainder along with a service charge. By combining a smaller mortgage and a subsidised rent, monthly outgoings are kept lower than if you were to buy or rent the same home privately. Because you only have to pay a deposit on the share you are buying, Shared Ownership also lowers the levels of savings needed to be able to buy a home. When you can afford to, you can increase the share that you own (known as staircasing) to the point where you own your home outright.
Buying a new home through Shared Ownership can be surprisingly straightforward, with no chain involved and with the support of specialist sales, financial and legal advisors to ensure the buying process is a smooth one. Nans continues:
“I’d been actively looking for over six months when I found out about Aldgate Place and I was pleasantly surprised at how quick the whole process was. I moved in pretty much straight away after being allocated the flat that I wanted.”
Becoming a new home owner has helped Nans to settle in and enjoy his adopted home city, both as he pursues his career and enjoys his down-time.
“Being able to live in a place that a call mine is a big step for me. I feel more established and a part of the city. The area is great for young professionals like me and there is such a variety of things you can do in your spare time. The most amazing thing though is that I am paying the same as when I was renting. I am glad I can experience it all and live in the area I wanted to be in ever since I moved to London, all thanks to Shared Ownership and Metropolitan.”
Ask Nans whether he would recommend Shared Ownership and his response is unequivocal:
“I am telling everyone about Shared Ownership now as I think it’s a great solution for young people like me who cannot otherwise afford to get on the property ladder. One my colleagues also bought his flat through Shared Ownership and that was only because I mentioned it to him. It is brilliant!”
Having made his move quickly, Nans is taking his time over furnishing his new apartment as he wants to make sure every piece of furniture fits and shows a little bit of his personality.
“I really take my time choosing all the furniture and home accessories. I want it be bespoke.”
With one eye on the future, Nans plans to increase the share he owns through staircasing and eventually own his apartment outright.
“It feels very fulfilling knowing I’ve got a job and a home I love and I am ready for the next big step in my life.”
To find out more about Metropolitan’s new homes, get in touch with the Sales team on 020 3535 2555 or by email to firstname.lastname@example.org.
Buy a share in a brand new or resale home from Metropolitan. You pay a mortgage on the part you own and a subsidised rent on the part you don’t own. Learn more about your buying options here.
Buying your first home is a big commitment. Find out more how to make the process as smooth as possible.
Looking? We offer a range of housing options to help first time buyers. We assist social tenants, Ministry of Defence personnel, those considered a housing priority and second steppers.