Ella Harte, 24 has recently moved into her new Metropolitan home at New North Square, Hainault. Describing getting the keys as the best feeling in the world after becoming an aunty, the Londoner explains about the challenges most young professionals in the capital face when it comes to buying their first home:
“I’d been looking for 6 months and had nearly given up when I received an email about New North Square and called the Metropolitan Sales team immediately. Funny enough, I was told I wasn’t able to afford the scheme initially but after speaking to a Specialist Financial Advisor recommended by Metropolitan, it turned out I could buy 75% of the property, which I did”
Ella’s story is probably one that we hear about quite often these days. Sharing a house with another 6 people, Ella always wanted to have a place of her own and that was her motivation to open a savings account and start putting money aside.
“I used to live with my mom but had to find a place to rent nearly a year ago when she sold her house and moved out of London. I rented a place in Leytonstone as I grew up the area and wanted to stay here. Also I work at Liverpool Street so I needed a place on the Central Line. I didn’t like sharing with so many people and renting felt like I’m throwing my money away. I wanted a place of my own in the area but everything was either sold too quickly or I couldn’t afford it. This is partially why buying through Shared Ownership was my best option. ”
“I didn’t know much about Shared Ownership” – continues Ella. “I found it all quite confusing but Metropolitan and the Specialist Financial Advisors helped me to get my head around it’
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.
Ella used Specialist Financial Advisors recommended by Metropolitan which made the process from reservation to exchange last around 6 weeks. She waited another four months until she received the keys for her new apartment.
“Despite me being only 24, I started thinking about buying a home long time ago and it makes me really proud that I’ve achieved something I wanted for a really long time. It feels amazing to have your own space and knowing you’re not paying someone else’s mortgage is one of the best feelings. I also love cooking so having a kitchen for myself makes me extremely happy.”
Ella’s long term future plans are to staircase up to 100% once she has saved enough money to do so. For now, she wants to get the place fully furnished and invite a few friends over to celebrate on the roof terrace.
New North Square is a Taylor Wimpey development in Hainault, where Metropolitan offered 15 apartments for Shared Ownership sale. All homes came with fully fitted kitchens and bathrooms, carpets in living rooms and bedrooms, tiling in the kitchens and bathrooms, private balcony and communal roof terrace.
If you would like to find out more about what else is available from Metropolitan, please visit www.metropolitansales.org.uk or get in touch with Metropolitan’s Sales team on 020 3535 2555 or at 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.