Success Stories: Marsha
Marsha, 33, didn’t believe that she would ever be able to afford to buy a home for herself and her nine year old son, Xavier. However, her dream became a reality after attending the London Home Show back in September 2015.
“I was renting in Chafford Hundred, but getting on the ladder was the ultimate goal, to provide some stability for my son and I,” Marsha explained. “However, properties in my price range really weren’t suitable, and typically in need of extensive renovation before we could move in. I started looking into various mortgage options, which was how I came across Shared Ownership, but I was admittedly very confused about what it was – so I thought it was worth a visit to the London Home Show.
Whilst there, I spoke to lots people and learned more about the part-buy, part-rent option, which really opened my eyes. As a single parent, I realised I could afford to get on the property ladder, and with all my new-found knowledge, I started to look into it a lot more, including resales… I bought my first home in Thurrock through Moat’s Shared Ownership resale programme, just five minutes from my work and ten from Xavier’s school, and we couldn’t be happier!”
Marsha continues: “Without Shared Ownership I would still be renting, and worrying about the end of each tenancy every 12 months. My combined monthly outgoings, including my mortgage, rent and service charge, are now £120 a month less than the rent alone on my previous home, and the property is larger, suiting Xavier and I much better. Now that I own my home, I can relax, and enjoy the time with my son.”
Considering the future, Marsha says: “I hope to use Shared Ownership again in the future, as it will help me to upsize when Xavier gets older and we need more room. I have decided not to staircase, as my smaller monthly outgoings mean I can save more, plus paying off the mortgage sooner will give me more equity when it comes to selling.”
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