Case Studies

Shared ownership

Young professional buys a new home with shared ownership

"Still being on a graduate training programme the size of mortgage I was allowed was limited by the size of my income, I've also still got a student loan to keep in mind. Whilst trying to navigate my way though the purchase schemes was made a little easier by working in the industry I was really grateful for the advice and help Share to Buy gave me financially, the first time you have to get your head around mortgages can be a bit of a spinout.

"I moved into a flat last year, and could not be more pleased - I don't feel stretched financially as I have a small mortgage, so it's less stressful than it is for friends of mine who have gone alone, and I'm pleased to have put some money into purchasing a place early on in my career. Besides I managed to tick all the boxes: location, location, location, even if the market crashes, I'm happy living here!"

Young family use a shared ownership scheme to buy their first home in West London

Paul and Joanne found shared ownership to be a lifeline in their attempts to buy a place of their. Joanne says:

"My husband and I have lived in a rented council flat for the past ten years, we had always dreamed of owning our own house with a garden and with a reasonable joint income we became very disheartened that this would ever happen as house prices are so high in London and our credit rating was not too good. We signed up for the leaflets to be sent to us for shared ownership through the local housing authorities, more out of curiosity than possibility and you can imagine our surprise when a 2 bedroom house came up that appeared to be within our reach.

"After an unsuccessful mortgage offer that would have financially crippled us, searching the internet we came across sharetobuy.com. After an initial ten minute conversation with them it looked as though our dream could possibly become reality. They took all the information via an online form, got us a great 100% mortgage offer, with no deposit and fixed rate for 3 years with a high street lender and kept us fully informed and advised throughout the whole process.

"We contacted sharetobuy.com in September 2006 and finally moved into our two bedroom, semi-detached house in December 2006. We feel as first time buyers getting on the property ladder is very financially difficult. This scheme has allowed us to purchase a 50% share with the option to build up equity and hopefully own the full 100% or sell and move on. Without company's such as sharetobuy we know this would not have happened. We would like to say a huge thank you to the share to buy mortgage team."

Young couple buy brand new London riverside apartment with shared ownership

With all the talk of how first time buyers are getting older and struggling to get on the property ladder, Stacey and David – both just 21 when they applied for a shared ownership mortgage at sharetobuy.com – showed that it can still be done while you're young.

They opted for a shared ownership scheme, otherwise known as 'new build homebuy', where they purchased a 50% share in a brand new, £275,000 luxury riverside two bedroom flat in the sought after Royal Arsenal development in Woolwich, within easy commuting distance of central London where they both work. With a joint income of less than £40k and a small deposit, Stacey and David nevertheless managed to purchase the property without over-stretching themselves, as their combined mortgage and rent on the other half share is £900 per month.

"We didn’t want to live in a studio flat above a kebab shop in some grotty area", says David, "we wanted somewhere that nice that we could really enjoy living in". The couple applied for a shared ownership mortgage at sharetobuy.com and the move went through quickly enough for them to receive £1,000 cashback. "I don't think we had any other option", says Stacey, "we didn't want to rent and we didn't want to compromise. Shared ownership gave us the opportunity to be fussy."

Trainee purchases shared ownership new build in Oxfordshire

Trainee manager Nick, 23, moved out of his parent's house and got his first foot on the property ladder buying a brand new 2 bedroom flat in Banbury, Oxfordshire. The property is a shared ownership part-rent/part-buy scheme with a local housing association. His mortgage was arranged by the share to buy team who arrange all applications through the Shared Ownership Network, and speaking of his experience, Nick says:

"I was pleasantly surprised at how simple, quick and straightforward the whole process was. Everything was done online in a helpful and friendly way. The only thing I had to do was arrange a Solicitor and send off proof of earnings. I would certainly recommend it."

Joint mortgages

Couple buy their first home in North London

Phil and Arianwen overcame some initial stumbling blocks in their attempts to get on the property ladder and are now the proud owners of their own flat in Finsbury Park:

"We'd like to extend our thanks to sharetobuy.com. Six months ago, we'd nearly given up hope of ever finding a mortgage for a property in London. Without a deposit, it seemed that nobody would offer us a realistic mortgage - but then we discovered sharetobuy.com. The level of service was astounding and we felt optimistic that we'd finally found a company that cared, one that would be willing to go the extra mile to find a deal that suited us. They helped us through all the paperwork, explaining all the confusing bits, and made sure we got the right deal for the kind of property we wanted.

"When we finally found the home we liked and made the offer, sharetobuy.com were immediately in communication with the estate agents. They even helped us organise a survey in record time -- which made life a lot easier, and really impressed both the vendor and agent. They were always there to answer any questions and led us through the whole application and buying process. No question was too stupid, which was a relief to two novice first time buyers! The personal service we received made us feel that they cared as much as we did that our first-time purchase went smoothly. I've even recommended them to my bank manager."

Friends buying property together

Three friends share to buy a 6 bedroom house in North London

The following case study is taken from the Independent newspaper, 20th October 2007, and features three friends who took out a joint mortgage through sharetobuy.com

Andy, a solicitor from London, decided to team up with his friends Dave and Barney to get a foot on the housing ladder a couple of months ago. Although the trio are all between 24 and 26 years old, and have only been working for a couple of years, they each managed to scrape together a bit of money to cover costs and a deposit, and also persuaded Dave's father, Mike, to join them – bolstering the amount that they were able to borrow. They ended up with a large, six-bedroomed, house in Harlesden, and are now renting out each of the three spare rooms, which is helping to keep the cost of the mortgage down.

"We'd already all been living together in the same part of London," says Andy, "and we all liked the idea of buying a property, but wanted to be able to still live with a big crowd of people. Most people end up buying a small flat when they're trying to get a foot on the housing ladder, but we wanted to live in a bigger place."

Andy says that the trio decided to opt for Harlesden as they all know and like the area, and already had charity and church commitments in the neighbourhood. Although they struggled at first to find a lender who was willing to accommodate their slightly unusual set-up, Andy says he eventually turned to the internet and discovered www.sharetobuy.com – a specialist adviser for those looking to buy with friends, or looking at shared-ownership schemes.

"They were very helpful and mobilised themselves quite quickly after we'd found the place we wanted," he says.

The friends were careful to draw up an agreement (the share to buy legal agreement) setting out exactly how the house would be run, who owned what share, how long they were committed, and what would happen if one of them wanted to move out, or was to die.

Friends share to buy a 250-year-old townhouse in the centre of Canterbury

Lyndall and Phil used to live over the road from their old friends David and Stuart. After several years of running backwards and forwards, watching each other's tellies and eating each other's food, it seemed like the logical next step to club together and buy a property. They found an amazing old townhouse with a modern, spacious extension, right in the centre of Canterbury. Despite the small matter of converting it from a dental surgery to a home, it was a real dream buy – a dream which none of them could have afforded without the others on board.

Lyndall says:

"The process of buying a house is rarely totally straightforward, but the whole thing was made so much easier because we used Share to Buy. They were incredible – extremely efficient in getting back to us with answers to our many questions, and fantastically positive and reassuring about everything. Their staff have to be some of the nicest people I've ever dealt with!

"The world of solicitors and mortgage companies still doesn't seem to be very clued up on the ins and outs of sharing to buy, so it was crucial for us to work with people who really do know what they're talking about, and who could give us honest, helpful advice. They helped us find the right joint mortgage, and their online application process is a 1000% improvement on filling out all those paper forms. Their free Deed of Trust legal document is also excellent.

"...and they're awesome in a crisis! Phil and I needed to raise a mortgage on our home, in order to buy into the dental dream(!), but we received some very bad advice from another broker, leading to us losing the buy-to-let mortgage at the last minute. Share to Buy got on the case straight away and secured us an alternative. Without them, I'm not sure we'd have made it to completion.

"All four of us thought long and hard before choosing to buy together, but for all of us it is a really good move. Stuart and David, currently in a rental house-share, get to start on the property ladder in a city where prices are too high for most single people to buy on their own. Phil and I get to live with two of our greatest friends. And all of us get to live in a huge, beautiful house!"

Four friends share to buy in Dundee

Murray, Helen, Stewart and Lynsey used the potential buying power of a group to maximum effect when they purchased a stunning 5 bedroom property in the centre of Dundee. Murray says:

"We decided to opt for a share to buy mortgage because we felt that, as such close friends, we could give each other a massive boost on the property ladder rather than each individually purchase a flat for ourselves that ultimately we would not be entirely happy with. The process itself was relatively easy, and despite a few legal hurdles that were slightly more of a headache than we expected, everything went well. Having the option to be able to combine all of our incomes and buy something that was outstanding rather than acceptable had always been an ambition of ours that, until recently was never able to come to fruition. With the help of share to buy we were able to achieve our goal of finding a place where we could all live but also find our own space.

"Having researched this avenue thoroughly, we have ensured that provisions are in place to safeguard each person individually if the unexpected should happen, or (God forbid) someone felt the need to move out suddenly. This decision was not particularly easy to make but, in the end we all came to a mutually acceptable agreement and, if all goes well, will seek to continue with the same kind of agreement in the future. All of our dealings with Share to Buy have been professional, speedy and very helpful. Personally, we could not fault their competent and adept staff. Sharing to buy is a great idea for anyone in our position or similar who wishes to work up the property ladder without the added hassle of paying too much for your money."

Two friends share to buy in South London

Charlotte and Cathryn, both 26, purchased a 2 bedroom flat in a rapidly up and coming part of South London that is mutually suited to their respective commutes. Cathryn says:

"Keen to avoid renting we'd both independently looked into house prices and mortgage options available and quickly realised that niether of us could afford to buy on our own. We were both living with our parents to save for deposits to eventually get on the property ladder and having heard from various mutual friends who had done the same, 'sharing to buy' seemed a logical solution to our problem.

"The whole process was relatively straightforward and hassle free, as old school friends we'd previously rented together which made it easy to agree on exactly what we wanted and what to expect from living together. We split the whole purchase 50/50 and drew up a trust deed which set out all the terms for when the time comes for one or both of us to move on. We'd highly recommend 'sharing to buy' as a great way to get onto the property ladder if you're confident that you're both completely comfortable with all aspects of the purchase and future scenarios."

Four friends share to buy a 7 bedroom cottage in Tunbridge Wells

Many of the group purchases arranged through the share to buy team involve quite substantial properties, proving the buying power of clubbing together. Stephen, Jeremy, Andy and Mark were no exception, joining forces with a share to buy mortgage to buy a £630,000 seven-bedroom cottage on the common in Tunbridge Wells.

The four friends have ambitious plans for the property, eventually converting three of the bedrooms into bathrooms so that each of them has their own en suite – genuine 'share to buy living'. Although the repayments divided four ways work out around the £500pm mark – a figure easily comparable to the cost of renting - most high street mortgage lenders were unable to help when the friends approached them. However, at sharetobuy.com they were able to arrange a mortgage plus taking out a legal agreement covering what happens if they decide to move on.

Stephen, who was the only non-first time buyer of the four, was able to use the sale of his own flat to put down a substantial part of the deposit and pays less of the mortgage per month to compensate (a common approach for shared mortgages with different deposits). The four will share the cost of the various improvements that they have planned for the property, which they hope will raise their value of their individual stakes. "It will get tricky if one of us decides to leave or get married", admits Stephen, "we'll deal with that if and when it happens, but I think we all understand that this is a short-term solution, and that eventually we'll all go our separate ways".

Two friends share to buy a new build in Manchester

Many of our customers are clubbing together to buy brand new homes, particularly in Manchester, our busiest market outside the capital. James and Jonathan, both 24 year old physics graduates, clubbed together in Manchester to buy a two bedroom new build. Jonathan says:

"With the booming prices in housing over the past several years the opportunities for first time buyers have reduced in quality and quantity. This makes the house buying process very difficult if the intention is to buy a house on your own. The perfect solution to this is to team up with friends in a similar situation and put your salaries together towards a better quality house. Share to Buy was perfect for us in that they specialise in helping young professionals to not only get on the property ladder but get on it style.

"What impressed me most about Share to Buy was the excellent service they provided. Not only did they provide us with an excellent mortgage but the service and customer contact throughout the whole process was second to none. Along with this, the free contract they set up between both parties ensures the legalities do not add too much complication. I would recommend Share to Buy to all young professionals out there who are fed up of burning their money on rent, and want a great start to owning a house."

Two friends club together in Reading

Mark and Stephen took out a share to buy mortgage to get on the property ladder in Reading, one of our most popular towns. Stephen says:

"'Share to Buy' were most efficient and helpful in the purchase of our first property. With the current market situation, it seems virtually impossible for average earning, first time buyers to get on the property ladder. It can also be a daunting prospect with all the legalities and paper work that are associated with the purchase of a new place. However, with the help of 'Share to Buy' we were able to comfortably afford a 2 bedroom flat in the South East.

"In addition, they were very patient in explaining all the steps leading up to the purchase in a simple and clear manner and worked all hours to get us the best mortgage deal possible. We could not speak highly enough of this company and would not hesitate in recommending them to anybody looking to buy a place with a friend/partner."

Three friends buy a new build house in Darlington

Helen, Natalie and Louise are three young solicitors who clubbed together to purchase a brand new 3 bedroom freehold house in Darlington. Helen says:

"Share to Buy is a scheme which enables young professionals to take that first step on the property ladder who could not by themselves finance such a venture in today's property market. We, like many others found ourselves in a position whereby we had been to university, returned to our home town and after three years of independent living found it very difficult to move back to our parent's homes. Current house prices meant that we could never have dreamt of buying a three storey town house on the outskirts of the Town Centre but by pooling our funds together and with the flexibility of the share to buy scheme that dream became a reality.

"We are extremely happy in our new pad and with no tie ins we have the flexibility to move on when the time is right. In the meantime we are having far too much fun to worry about settling down and starting a family!"

Five friends share to buy their first home in Newcastle

By taking up to four incomes into account, the share to buy mortgage enabled Jon, Paul, Duncan, Mark and Phil to purchase a five bedroom house in Newcastle-upon-Tyne. As the maximum number of people allowed on any mortgage is four, the fifth applicant did not appear on the mortgage but was a signatory to the free share to buy legal agreement, signed by all five owners and setting out each of their shares in the property. Lead applicant Phil says:

"We were paying £215 a month rent into someone else's bank account, and now we are each paying £220 a month for the mortgage, into our own. We chose Share to Buy as we were sick of paying money into someone else's pocket, and their website showed us that the cost of owning could be comparable, yet still let us live as a group of friends. The mortgage calculator gave us an idea of the price range we could afford, which meant we could start to look into buying, and start to get enthusiastic about it.

"Queries were always dealt with very quickly, and numerous problems which arose were always solved promptly. To this extent, I would use this service if I was buying a house with a traditional mortgage. It largely removed the stress of a house purchase, and dealt with the previously unusual circumstance of a group of young professionals finally getting their foot on the property ladder."

Two friends club together in Blackheath, London

Sarah and Michelle bought their two bedroom flat just walking distance from the famous green spaces of Blackheath, near Greenwich in South London. Sarah says:

"My friend and I decided to buy together after much discussion about the frustrations of getting on the property ladder as single professionals. I was tired of paying out an extortionate amount of rent for a studio flat in SE London and Michelle wanted to move out of home but loathed the idea of paying another person's mortgage through rent. We have known each other since primary school and were confident that we would be compatible flatmates as well as having the same ideas regarding the target areas and the type of flat we wanted to buy.

"Having found our ideal property through a local estate agent, we found share-to-buy on the internet and contacted the advisors for an initial illustration. From our first contact with Share to Buy through to well after our completion date we received excellent advice and support. We finally bought our two bedroom flat in Blackheath in November and although we had our fair share of complications throughout the process our advisor always remained positive and found a solution, often involving going above and beyond the call of duty considering there was no fee charged to ourselves.

"The mortgage deal that Share to Buy finally secured for us now means that I am paying £200 a month less than my previous rent with the added bonus that the money we are paying is acting as an investment for us in the long-term. We cannot recommend Share to Buy highly enough and we are very grateful for all the hard work and commitment shown by the team that has helped us secure our dream flat."

Two friends buy in Brixton, London - our most popular area

This summer Hannah and Elie took their first step on the property ladder in Brixton, officially the number one 'hot spot' for share to buy. Hannah says:

"Myself and my best mate Elie were renting a place together in Brixton for about 3 years. We were spending around £500 a month. We had both wanted to buy a place that we could invest in for some time and had thought about buying together. However, even with twice the salary the repayment costs we received from mortgage quotes on internet searches were far more than we could afford.

"Then a friend told me about share to buy. I emailed them mine and Elie's details and within an hour we had a response saying that we fitted all the criteria and it was very likely that we could buy a place in the area we wanted in south London where we were both brought up. We now pay less than our previous rent and it's an investment too!

"To be truly honest I don't think me or Elie would have survived the house buying process without share to buy's advice and support on tap. We even did the first cross continental mortgage application using the Share to Buy online application process. Elie, who was on business in Thailand, filled out her application in Bangkok and I filled mine out in London - It was so easy! We are now both happily DIYing in a lovely flat in Brixton - a reality made possible by Share to Buy that we had thought was just a dream only a year ago."

Four friends buy a £300,000 house together in London

The following extract is taken from the Mail on Sunday feature on August 7th 2005.

Friends opened the door to property ownership for young househunter Geraint Barton. He clubbed together with girlfriend Samantha Bartholomew and their friends Jonathan Kidd and Shelley Jones to buy a £300,000 three-bedroom flat in London. Geraint, 30 a research scientist, says:

"We certainly couldn't have afforded a property this big on our own and by buying jointly we are all sharing the costs and the risks... in the long-term, we wanted to be owners rather than renters."

Family buying property together

Families join forces to buy dream home in Wales

"Hi, we are Terry & Annette and Greg, Em & Lawrence. Greg and Annette are brother and sister. We have 4 dogs and 3 cats.

"We used to live next to each other in two beautiful, but small cottages in the North Wales hills. After several attempts to each find something bigger but still in the same area and not too far from each other, Terry came across the Share To Buy website and a seed was sown.

"After some brief discussions on how it might be to all live in one larger dwelling it was put on the back burner. That was until Em mentioned that a property we had all seen and drooled over seemed to hold some hidden surprises and we decided to take a look.

"The 200 year old converted barn had two separate wings upstairs. Each wing with its own stairway, bathroom, master and second bedroom/sitting room. Ideal!

"Downstairs boasted an extra bedroom (for teenager Lawrence) a huge country kitchen/dining room, conservatory, library, drawing room and a feature double height lounge with original hay loading window.

"Half an acre of landscaped gardens and a stream running across the length of the property. Our dream home. Share To Buy put our minds at rest over all of the issues of sharing plus the legal and mortgage maze. They made the whole thing easy.

"We have been in 4 months now and we are loving it."

Two brothers from Belfast buy a 2-bed flat in ever popular Hackney

Andre and Carl are two brothers, both working as professionals in the City, who clubbed together to buy a lovely flat within a short commuting distance of the square mile. Andre says:

"My brother and I twigged on fairly early to the realisation that rent is preposterous in London, and that if we could get enough money together for a deposit (albeit with parental help) then we could be looking at paying the same sort of money in mortgage repayments as we were in rental outgoings. Once we found a target in Hackney, Sharetobuy were extremely quick at getting the deal done.

"It's fair to say that Carl and I knew little or nothing about how the mechanics of home buying worked, and every time a problem arose, Sharetobuy were able to step in and tell us what was going on. They acted more like a transaction manager than just simply as a mortgage adviser (though that is NOT their role!). One issue with our purchase is that it was time pressured, and without the assistance and expertise of the guys at share to buy, we could not have gone from offer to completion in the 3 1/2 weeks that it took us. Always available, Sharetobuy were a pleasure to deal with, and most importantly, got us an amazing deal on our mortgage! Thumbs up"

Father helps his daughter to buy her own flat in Tilbury, Essex

Kate, 20, a management trainee, was able to buy a two bedroom flat through sharing to buy on a joint mortgage with her father (who does not reside in the property). Kate says:

"The share to buy scheme was the ideal solution. I wanted to get onto the property ladder and buy my own flat but couldn't find a bank that could lend me the amount I needed. Luckily, my dad offered to help by purchasing with me. When looking at our options, Dad found share to buy online. We got in touch and they were sure that they'd be able to help us. They were very efficient and soon presented us with several options including the mortgage we chose as a perfect fit for us. Throughout the whole process - the searching, the conditional offers and the transaction itself - the share to buy mortgage team were very helpful and quick to respond to our queries. I found a flat around June and had moved in by the beginning of August, recently enjoying my first Christmas in my new home!"

Parents help young couple to buy in Blackheath, London

Catherine and Phil, both 23, had thought that buying a stunning mansion flat right next to beautiful Blackheath common was only a fantasy until we showed them how they could add their parents to the mortgage and make their dream a reality. They are now proud owners of the kind of property that first time buyers would normally never even dream of owning. Catherine says:

"My partner and I wanted to buy a property as soon as we had good jobs. After living in London for 6 months, we found the perfect flat, it was right at the top of our budget – and by budget I mean the fantasy price of £350,000.00 I had cooked up. We had visited 3 mortgage advisers, all of whom had almost laughed when we told them how much we wanted to borrow. They all came up with the same figure almost to the decimal place – £180,000. I had trawled the internet and had numerous phone calls with consultants, all of whom agreed that there was no way we could get any more money. Phil thought it was crazy that if we borrowed £180,000, we would only be paying back around £500 per month (less than half what we were paying in rent) and in London, would probably be living in a tiny garage in the middle of nowhere.

There was light at the end of the tunnel: after one sad Sunday where I literally sat in front of my laptop all day long searching the internet, I found sharetobuy.com and feverishly filled in the forms. My mum and dad have good jobs and for them to offer their salaries towards the mortgage (even though Phil and I would be paying it) would be the perfect solution! Luckily they are very generous parents and were really behind us borrowing the absolute maximum amount possible so were more than happy to help. The team at share to buy went way above and beyond to a) get us way more than anyone ever thought we could and b) make the whole process go so smoothly! We literally would not be living in our beautiful flat now if it wasn't for Share to Buy."

Father helps his son and daughter-in-law to buy a new build in Wakefield

Martin, a first time buyer, was able to buy a brand new home in Wakefield, Yorkshire for himself and his wife after we helped him club together with his father to make it all affordable. Martin says:

"Since I am self employed and find it difficult to prove my income, I was unsure whether or not any lender would consider our case. My father, being 60 and semi-retired, also failed to match the lending criteria of most major institutions offering conventional mortgages. An additional complication was that my father did not intend to live in the property, as my wife and I were to be the sole occupants.

"The share to buy team provided us with encouragement and showed great enthusiasm when most other brokers simply dismissed the case as unworkable.

"They offered sound advice throughout and were highly professional and organised, keeping us up to date at every stage of the process. I honestly believe that without the help of Share to buy our purchase would not have gone ahead. I can highly recommend the mortgage services of Share to Buy, particularly in the case of non-standard applications such as ours. In the cut throat world of mortgage lending it is rare to find a broker that cares for their customers rather than simply trying to generate commission. We cannot thank them enough for helping us purchase our new home."

Father helps his son onto the property ladder in Preston

Dave helped his son Gary to buy his first home in Preston, Lancashire. He says:

"Gary had been wanting to get on the housing ladder but having just left university was finding this difficult financially. I was looking for an investment opportunity so we discussed sharing the mortgage on a house.

"Until we came across www.sharetobuy.com this was proving difficult because lenders did not appear to cater for a shared mortgage without both borrowers living at the property. Share to buy had no problem finding us a mortgage that suited our needs and at very competitive rates. The application process was easy and done via e-mail/telephone and support from share to buy during the whole process was excellent."

Young family in Sheffield move to a larger property

With a new addition to the family, Stephen needed to find a bigger house with extra living space:

"I was expecting the process of finding a mortgage to be quite challenging - I have been self-employed for two years, and most lenders look for a minimum of three years' accounts. However share to buy were extremely helpful. They took the time to understand my situation and I always dealt with the same person throughout. With share to buy's assistance the whole process moved along very smoothly. We're now all enjoying our new house. There's much more space than the rented place we were in before, with plenty more room for our little daughter to run around."