Annette Marshall knew all about the difference Shared Ownership can make when trying to buy a home. She already owned an older shared ownership property where she lived in Somerset which she had invested plenty of time and money into improving, but it had never really felt like home.
Whilst visiting family in East Leake (a village in the borough of Rushcliffe, to the south of Nottingham) during the summer of 2016, Annette took a walk around the village, a place where she had grown up. During her walk, Annette discovered the Kingston Banks development, where seven new two- and three-bedroom houses were being constructed for Metropolitan Shared Ownership by David Wilson Homes.
Annette explains, “I had really wanted to go home for a long time, to be closer to family and to keep an eye on my father and be around to help him with the basics as he’s in his late 80’s now. I saw the show home and walked in and was informed that there would be some Shared Ownership houses available and so made my decision there and then.”
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. By having a smaller mortgage and subsidised rent, your 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.
The houses at Kingston Banks were not due for completion until the winter, which gave Annette time to put her own house on the market and prepare to make her move. Whilst Shared Ownership is widely known as an option devised to help first-time buyers, existing home owners who are selling their home but cannot afford to buy a suitable home privately can also buy affordably with the scheme.
“I put my Shared Ownership house in Somerset on the market and it sold within two days! I had taken on a fixer-upper which I wouldn’t do again, I had to sink a lot of money and time into it but had got it to a pristine condition and everything went very smoothly with the sale.”
In terms of affordability, Annette was able to use her sale proceeds towards a deposit on her home at Kingston Banks which then meant that her monthly costs would broadly be the same as they were in Somerset. Annette bought a share of the full market value of £165,000, to become the proud owner of a brand new, two-bedroom house (having been offered the property in late September), taking the keys at the end of January 2017 and completing her relocation in the spring with a new job in the NHS.
“Without Shared Ownership I’d have never been able to do it, it was such a good feeling to take the keys. I’ve now got a decent size garden, parking for two cars so that I can have visitors and it’s been great to be back in a place where I have a lot of connections, catching up with friends and family.”
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.