Reverend Michael Petitt and his wife Stella made 2017 a year to remember as they became the proud owners of a new, three bedroom house in Chellaston, a leafy residential suburb to the south of Derby.
The couple, who had spent 35 years living in vicarages provided by the Church, were assessing their options as they planned Michael’s recent retirement, looking for a home in the Derby area so that they could both support and care for elderly relatives nearby and have a home where their daughters could easily visit.
“We found out about Shared Ownership through a local estate agent, Hannells, who were working on behalf of Metropolitan and so we booked a viewing at the development in February.” explains Stella.
Part of the new Milldale development by Bellway, Metropolitan’s range of new two and three bedroom houses for Shared Ownership in Chellaston offer an opportunity to buy a new home more affordably.
With 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 plus a service charge for any communal facilities (such as gardens, lighting or parking areas). 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.
Shared Ownership also lowers the levels of savings needed to be able to buy a home because you only have to pay a deposit on the share you are buying. 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.
In the Petitt’s case, the couple had been saving (with the Church also providing a retirement payment which the couple could use towards buying a home) covering both their deposit and their 35% share, meaning that they could afford to pay their rent and service charge from their pensions. Michael adds:
“The location and property type were just what we were looking for. As a retired clergyman who had always lived in a Vicarage, it was pleasantly surprising that we could afford to buy. The process was quicker than expected and very straightforward.”
Without the need for a mortgage application, the buying process was a fast one, from their initial viewing and financial assessment in February, the couple were formally offered their new home by Metropolitan in early March and completed their purchase swiftly, moving in just over a week later.
Fast forward to the summer and the couple are settling in well and enjoying their new home, Michael describes the benefits of both their location and buying a new build property:
“As well as the location and the convenience of the development – the Doctors’ is around the corner and the shops are only 15 minutes away – we’re enjoying the warmth of our new house too, with our heating and lighting bills being around a third of what we were paying before.”
Having made their move, Michael and Stella are busy making future plans, the couple intend to staircase during the autumn and Michael plans to balance relaxing during his retirement with some part-time work.
“We’re very happy here, we’d never thought about Shared Ownership before but we’d recommend it without hesitation” says Stella.
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.