Get on the property ladder

26-Shared-Ownership-case-study

Residents reaping the rewards of Shared Ownership

A Plymouth couple have admitted they could not be happier after choosing Shared Ownership when purchasing their first home. Daniel, from Stoke, has lived in his property in North Prospect for a little more than a year and believes it was the right decision when it came to taking the first step on the property ladder.

Expectant dad Daniel, 24, said: “The process was fairly straightforward. It was explained well by the people that I met and the team. They went through the application with me. We saw a few other Shared Ownership properties advertised, and then I came across the SO Living website and looked through the houses on there. We were looking for a house and saving up for a deposit, and it was the more affordable option for us rather than getting a full mortgage. It had to be Shared Ownership or renting, and we decided to go with Shared Ownership.”

“Our rent and mortgage is less than what you’d pay for renting this property. It’s good to know that when we’re ready, we can increase our share and eventually own the property”

Daniel, North Prospect resident

On completion, Daniel recalled the ease of the move: “It was a case of move in, move the furniture in and get the carpets done – and that was it. It was nice to have everything done already for you. I’m quite local to the area, and I liked that it is a new-build and it was three bedrooms and had solar panels. I really liked that everything was new and we didn’t have to do anything apart from carpets and flooring. The garden is a good size and we have two parking spaces.”

Daniel believes Shared Ownership was the right choice for him and his family, and that it should be something people consider when entering the property market. He explained: “I think if you really want to get on the ladder, then it is obviously going to benefit you in the long run as it’s cheaper than renting and you have something to show for it. Our rent and mortgage is less than what you’d pay for renting this property. It’s good to know that when we’re ready, we can increase our share and eventually own the property.”

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