Buying Shared Ownership was stress-free
Claire, a speech and language therapist, from Nottingham who moved to London five years ago explains, “After I moved to London I lived in a number of house shares in the private rental sector. I really loved East London and decided to start looking at the option of buying somewhere myself. I had heard about Shared Ownership in the past and knew people who had bought through it, but it was never something I had previously considered.
“In January I decided to register with the Government Share to Buy website and also with various Housing Associations including East Thames. Some of the websites also had really useful calculators which worked out what you could afford to buy against your salary and amount of deposit.
“I came across East Thames’ Fondant Court development in Bow. I didn’t know Bow but really wanted to stay in East London as I love the buzz of the area. I arranged for a viewing and met an East Thames sales advisor at the apartment who showed me around and answered all my questions. I really liked the feel of the apartment and it was just what I was looking for. The views from the balcony were amazing with The Millennium Dome and the cable cars at Greenwich, whilst I could see the Olympic Stadium through the bedroom window.”
Claire purchased a 30% share of her apartment for £93,000, with rent payable on the remaining equity. The full market value of the property is £310,000.
“The whole process of buying through East Thames was really easy and straight forward. Once I had my apartment allocated I was put in touch with Sunny, who kept in touch with me throughout the whole time and answered all my queries straight away. It was really reassuring, particularly when it can be quite daunting when purchasing your first home.
Shared Ownership has allowed us to get a better quality home
Patrycja (28) and Ali (29) had been living together in Waltham Forest for several months, sharing a house with a friend. They both decided that they wanted to move their relationship on and get a property of their own.
Patrycja comments, “We both really liked the Waltham Forest area and were keen to stay in the area as it has great connections to Zone 1 where Ali works as a structural engineer and I work as a bid manager for Toshiba. We explored the possibility of buying 100% but the value for money was nowhere near to what we got with shared ownership.”
“We had heard of Shared Ownership before so decided to start looking at the options available. We viewed 11 properties before finding out about East Thames’ Papyrus Court.”
“We visited and really liked the feel and look of the development. A one bedroom apartment was available on the first floor and the East Thames team were so helpful. They were able to explain exactly what we had to do and the costs associated with buying through Shared Ownership.”
Patrycja and Ali purchased a 75% share of their apartment for £189,750, with rent payable on the remaining equity. The full market value of the property is £253,000.
“Shared Ownership has allowed us to get a better quality home. We were renting with a friend before, so it is lovely to have our own space and also a better quality of life. If we had decided to continue renting on our own, we would definitely be paying more money than we are now. Our plan is to hopefully buy the remaining share by the end of next year.”
The East Thames team were really helpful
One such purchaser is Jack, who recently purchased a one-bedroom apartment at East Thames’ Fondant Court in Bow. Jack, 26, who works as a project manager at a software company in Bank, was renting from a friend in Mile End but was really keen to have his own space.
Jack comments, “I really enjoyed living with my friend but was keen to have my own property. I could see my rent every month being used to pay off my friend’s mortgage and I was keen to invest in something for myself. I had looked several years before, but didn’t have the salary at the time to be able to afford anything.”
“I looked at quite a few properties in East London, but a lot were on the ground floor and I was keen to live higher up. I then found out about East Thames’ Fondant Court. It was just what I was looking for, with a spacious open plan kitchen and living area and a decent sized bedroom. It was also on the fourteenth floor.
“The East Thames team were really helpful and talked me through all the options and how Shared Ownership would work with my rent and mortgage. All the costs were laid out and it was obvious from the start what I would have to pay out each month.”
Jack purchased a 50% share of his apartment for £155,000, with rent payable on the remaining equity. The full market value of the property is £310,000.
Jack continues, “The apartment is just what I was looking for. I don’t have to use public transport and it takes me half an hour to run to work or 15 minutes to cycle. I am also close to Hackney Wick and lots of other interesting places nearby.”
“I would highly recommend Shared Ownership. It has allowed me to get on the property ladder and I feel like I am now putting money into a long term investment. My plan is to buy more shares in the property as soon as I can.”