Having rented a two bedroom property from Metropolitan Housing for seven years, the Palomo’s have finally realised the dream of owning their home and bought a spacious three bedroom home through Shared Ownership. As far as their two young sons are concerned, this is great news as it means they each get their own room.
“They love it, that and the staircase, they love running up and down all day long. It’s good, it keeps them busy!” grins Mrs Palomo. Prior to buying their home, Justin (7) and Kean (5) were adamant that their new home would have a staircase. Mr Palomo shrugs, “Well, it wasn’t a major priority. The main thing is that we wanted more space, and now we have that.”
The Palomo’s both work as nurses at St Joseph’s Hospice, a short 20 minute walk away. Tired of renting and in need of more space for a growing family they decided to investigate their options for owning their own home in Hackney. “We’ve lived in Hackney for a long time, we know and like the area and didn’t want to have to move somewhere where we’d have to get the boys into a new school. It also had to be close enough to work for us.”
“I had a look on the internet and found the Homematch website”. Homematch is a free to use service for first time buyers looking to buy a home in London. She continues, “I registered with the site and after that had a look at what was available every day.” Patience paid off and one day she spotted Chervil House – a three bedroom apartment developed by Hackney Council and marketed by Metropolitan’s Home Ownership team.
Chervil House is part of a wider regeneration scheme by Hackney Council to improve the local area. The scheme boasts large rooms that are 10% larger than national standards, with balconies and tiled flooring in the kitchen and bathroom areas. Homerton Overground station is a five minute walk and the immediate area brims with a range of retail and leisure amenities.
The family met Hackney council’s priority list requirements and was eligible as first time buyers to put an offer in on the flat. The rest of the sales process unfolded smoothly with a little help from Metropolitan’s sales team. Looking pleasantly surprised, Mr Palomo adds, “The whole process was really quick. I mean really quick! I think it took three weeks and five days in total.” Having run all the necessary financial checks and acquired an approved mortgage, the Palomo’s opted to buy a 40% share of their home and are keen to buy up more shares in the near future through staircasing. Staircasing is the term used to refer to the process of buying some or all of the remaining equity in a Shared Ownership home.
Daljit Soul, Metropolitan Sales Manager, said “We’re over the moon that Metropolitan could help a young family like the Palomo’s to get on the property ladder and gain more independence and space. It was a pleasure to work with Hackney Council and make this happen. We wish the Palomo’s all the best in her new home.”
Reflecting the true diversity of London, Mr Palomo moved from the Phillipines 12 years ago, Mrs Palomo seven. Mr Palomo says, “We feel really at home in Hackney, even more so now we have so much extra room to live in. The place we rented in was great, but was just becoming too small. And the rent, rent will always go up no matter where you live.” Mrs Palomo interjects, “And now it’s so much easier to put up our family when they come to visit!”
The couple concede their new financial situation will take a bit of getting used to. Having previously paid £850pm in rent they now have to budget an extra £700pm under their Shared Ownership deal. Mr Palomo is philosophical and muses, “Well, our leasehold agreement where we were renting before was about to be renewed. Under the new one the rent would have gone up by £400 in line with London rates for the area. At least we now actually own a larger home, and that’s a nice feeling.” Mrs Palomo nods enthusiastically in agreement.
Looking back on their experience with Shared Ownership from Metropolitan, the Palomo’s say they would recommend it to a friend. “It’s hard for young families to find a home with enough space in London, never mind getting on the property ladder. If any other growing families are feeling desperate I’d say look at our story and know you can also do it through Shared Ownership. Our thanks to Hackney Council and the sales team from Metropolitan as well – they’ve made it a smooth journey to a new phase in our lives.”
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.