Lauren and Thomas, a Legal Assistant and Procurement Officer from London had been living with family and they decided that it was the right time for them to fly the nest, find their own place and gain more independence.
They had been looking to buy their own home, but realised they couldn’t afford the deposit to buy a home. After initially considering Help to Buy, they decided that the affordable Shared Ownership scheme was the best option for them. Thomas said “Shared Ownership meant that we could buy a certain percentage of a property and get our foot in the door of the property industry”.
With Shared Ownership, it is possible to buy a share of a property and then pay rent on the remaining share. For Lauren and Tom, this meant not having to save for such a high deposit; which is what stops many people from buying their own homes.
Lauren explains this; “The deposit you needed to put up on this scheme was 5% of the percentage of the amount we were buying. So because we were buying 50% of the flat we only had to put up 5% of that value, which made it affordable for us”.
Another benefit to Shared Ownership is that you can buy more shares in a property when you can afford to. This is through a process called staircasing. As Lauren says, “You will get pay rises and promotions, be able to afford to staircase and in the end will be in a position to buy the whole of the property”.
The recent change in stamp duty rules also helped to make the home even more affordable. First-time buyers will pay no stamp duty on the first £300,000 of any home that costs up to £500,000 As a result, when buying a home worth less than £300,000, you’ll pay no stamp duty.
After some home hunting, they came across Metropolitan’s New North Square – a brand new development of one and two bedroom Shared Ownership apartments in Hainault, East London. They quickly booked a meeting with a member of Metropolitan’s sales team.
The young couple said “After coming across it on the share to buy website, we realised it was perfect. The flat is a new build, a three minute walk from the station and bang in the middle of where both of our families live”.
After meeting with the Metropolitan sales team and talking things over, they decided to go ahead with reserving a two bedroom apartment. Sales team Leader, Daljit Soul, was their main contact and helped them throughout the sales process.
At Metropolitan, we guide our buyers through the sales process at every step. Lauren said “I can’t think of a time when we called Daljit and he wasn’t helpful. He actually went out of his way to help us complete on a Friday and took time out of his weekend to give us the keys on Saturday.”.
After completing their sale, Lauren and Thomas said that “getting the keys to a property that is all yours is one of the best feelings you will ever experience.” and “You can finally be independent, which I think develops you more as a person. You become an adult and stand on your own two feet.”
Lauren and Thomas celebrated their move with a takeaway and rum and are now looking forward to their independent life together in their brand new Metropolitan home.
If you would like to find out more about Metropolitan’s new homes, please contact our Sales team on 020 3535 2555 or at MHOSales@metropolitan.org.uk
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.