Tom and Simon / Shared ownership
Simon, 24, moved into East Homes’ Pavilion development in February this year. Simon’s brother Tom, 29, was so impressed by his brothers new flat that less than a month later Tom moved into the flat next door.
“It’s pure luck” said Simon, “we weren’t really expecting to be living next door to each other.”
Tom says his brother didn’t even need to recommend the development, he saw the property, heard about the prices and that was enough. “I got extremely lucky”.
Both brothers have bought their homes as part of East Homes’ shared ownership scheme, which means they own and pay a mortgage on 25% of the property and pay intermediate rent (20% cheaper than private rents) on the rest.
Simon said: “I think it’s the only affordable way for someone on a normal wage to get a place in London. And there are loads of bonuses, you get a brand new flat and you don’t need a massive deposit. For me it’s even worked out cheaper than renting.
“Before I moved in here I was renting with a friend. We were sharing a flat so we were living on top of each other. I just didn’t have my own space.”
Tom agrees and explains that before moving into the Pavilion he was renting privately and paying more each month. Now he’s moved he’s got a bigger flat, more room and great outdoor space in the shape of a huge balcony.
“The best things about my apartment are the balcony and the space, if I ever want to start a family, I’ve got the spare room. The location is good as well. There’s a park right in front and we’re close to amenities.
Tom is also happy that the money he pays each month isn’t just disappearing. “With my previous flat it got to the point where I was fed up of filling someone else’s pockets. The beauty of owning a share in the flat is that, if I do decide to move I get some of that money back.”
Simon agrees that shared ownership helps them escape the trappings of renting from private landlords, giving them greater security and peace of mind.
“When you own the property you can put your own mark on it and you know your not going to get kicked out as you might if you were renting.”
And of course, having your brother living next door has it perks.
“It’s handy to have someone to keep an eye on the place if I’m away,” says Simon “and of course he always gets me to build his furniture!”
