Shared Ownership Case Studies
Jay, Susi and family bought a shared ownership house in Northampton with the help of Share to Buy. They told us:
We had always wanted our own home. With little money behind us and only one of us working we always believed we'd never be able to achieve it. Having 3 children, all of varying ages and needs plus only one wage coming in, we never would have thought that sitting in our new home today would have been a reality.
We had been local council tenants since being together and having our third child. We desperately wanted to own our own home. After many searches and visits to new build house locations we finally found the home for us. All we needed to sort out now was the mortgage. We are so pleased we came across Share to Buy. After reading their website and other case reports we wasted no time in applying.
To this day and being in our new home for nearly 3 months now, we are so grateful to Share to Buy for their continued support and dedication to our case. They helped us for over 2 months. After one major mortgage company turning us down, Share to Buy threw us a life line. They never gave up on us. The time and help that was given through the Share to Buy team was fantastic.
Thank you so much Share to Buy. You really care about people and work hard and efficiently to make each and every one of their customers satisfied.
Charlie and his young family bought a second hand ‘resale’ part buy part rent home near Canonbury/Highbury, Islington with the help of Share to Buy, a place you would not normally think of as affordable. They say:
We were in contact with Share to Buy from early on in our house hunting journey. We'd opted for shared ownership and after having initiated the assessment process with Family Mosaic, our research in S.O. mortgages landed us on Share to Buy's doorstep. As a first time buyer, it's an onerous journey - there's a lot to understand and a lot to be frustrated by. We learnt a lot as we went along and what made the process of learning less painful by far was the indefatigable support and willingness Share to Buy provided us.
Most people have horror stories about buying a house, and whilst we were lucky compared to many with what we had to endure at the hands of the mortgage lenders, Share to Buy were continually searching for ways to ease our pain when lenders suddenly changed opinion on interest rates or even towards lending to us.
When we eventually secured our mortgage, with a lot of attention provided by Share to Buy to ensure paperwork was being processed by lenders and that we had provided all relevant information, it felt a shame our relationship with Share to Buy had to end!
We're giving Share to Buy 10 out of 10 - they listened to us, quietly held our hands whilst we ranted and rang us up afterwards to congratulate us on our move; it really was gold star treatment. Thanks.
Ben & Jules puchased a semi-detached house in Aylesbury with the help of Share to Buy. They told us about their experience buying a shared ownership home:
When we stared looking for a Shared Ownership Mortgage we were shocked at the limit of choice. We discussed our options with a number of different mortgage brokers and the mortgage offers we were shown weren't great but seemed to be our only choice. Many of which had quite high APRs.
Luckily for us we then discovered Share To Buy. They immediately found us an amazing Shared Ownership mortgage that none of the other brokers were even aware of as only Share To Buy were able to offer this exclusive deal which was far far better. We dealt with Debbie and she took all the stress out of the mortgage process and answered all our questions. This then meant we had more time and energy to look at the other aspects of owning our first home.
We would recommend Share To Buy to anyone starting out on the housing ladder as they can get fantastic deals that the high street banks simply can't offer.
Tessa puchased a home in London with help from the Share to Buy Mortgage team. She shares her experience of buying a shared ownership home:
We first contacted Share to Buy in August 2013. Having happily rented at the relatively 'high' end of the London market in Battersea for ten years in the same flat, we were in our early thirties and wanted to buy a home in our beloved area where we knew we wished to remain. Without having the approximate £50,000 in savings needed for a deposit on the open market, we were introduced to shared ownership through a friend.
Having found the Share-to-Buy portal online, we used the various resources to do some calculations and sent off for an Agreement-in-Principle. Debbie Walser and Rachel Scrivener from Share to Buy got in touch with us immediately, and over the following weeks and months provided us with such a wealth of clear, informative and honest information, that I felt as if we should be paying for this wonderful service! We continued to research throughout autumn 2013, and found that the properties on offer needed to be navigated carefully, as some had very low limits on the maximum household income of the buyers - far lower than the (at the time) government-set cap of £67,000 - something to be taken into account at the same time as the upper cap.
We were offered a home at the prestigious Battersea Reach development in December 2013, and moved in upon completion of the build in March 2014. Our mortgage processing, offer and completion were seamless and stress-free, due to the preparation we had been able to do with Debbie and Rachel's assistance.
In November 2016, Share to Buy contacted us regarding the concept of re-mortgaging our original 40% share that we had purchased in 2014 to capitalise on the increased equity in our home. Being in Travel Zone 2 and ideally located for local amenities, our apartment had significantly increased in value over the eighteen months since we had purchased the original share, and thanks to this we were able to buy out the rest of the shares by only needing to raise funds for the Stamp Duty and moving fees. We did not hesitate in returning to Share to Buy for this transaction, as their expertise really is second-to-none - thank you again to all the team!
Cheryl and Holly sold their ‘starter flat’ and moved to a larger flat on the new Crossrail route, with own garden, with the help of Share to Buy.
Share to Buy helped us secure a 95% LTV mortgage in 2011 at a time when the lending options to first time buyers were few and far between for those without a substantial deposit. My partner and I bought a 25% share of a one bed flat in Dagenham, it was a resale property offered on the open market through a mainstream estate agent. The flat required work to modernise it, and whilst it wasn’t our idea of a dream location but it had excellent transport links being close to the underground and main line rail stations. Importantly it was a first step to security, away from a fear of increasing rents, fee’s, deposits and the relative insecurity of private renting. I’d been living in London since 2007 and was increasingly worried about how fast rents were rising as, by then, I was a part time MSc student and our incomes were low by London standards, so we jumped at the chance to become shared-owners. At that point I’d had 12 or 13 previous addresses and buying a home simply seemed impossible. Before I knew about resale shared ownership properties I’d previously dismissed the idea of shared ownership as most of the newbuild properties I saw advertised in London required larger deposits than we had available, and were in a price range where we would never have been able to staircase up to outright ownership which for us was an important factor.
There were a few hurdles to overcome - the remaining lease was under 80 years but we discovered that we could extend the lease by paying just a quarter of the fee as we owned a quarter of the property, which saved us thousands in fees and increased the value of the property which helped us when we came to re-mortgage. By 2015 due to the growth in equity from our 25% share, we were able to buy the remaining share of the flat with only a very small deposit and solicitors fees and naturally returned to Share to Buy to help us find a competitive mortgage. As with the first experience our application was processed quickly, with excellent follow up and service. We were kept informed at every stage of the process and all our documents were always returned quickly. Now 2 years later we have sold our ‘starter flat’ and moved to a larger flat on the new Crossrail route, with our own garden, as owner occupiers. This would never have been possible without taking a chance on that first flat and with the help from Share to Buy, so would like to sincerely thank everyone there (particularly Debbie and Rob) for making what seemed an impossible dream very much possible!
20th September 2017
Shared Ownership Week returns for its fifth year, 21st - 27th September. Shared Ownership week raises awareness this home ownership scheme which offers a life line to thousands of first time buyers.
19th September 2017
Countdown to the London Home Show Autumn 2017: Our sponsor Crest Nicholson give you the low down on their fantastic development Dylon Works, available via Help to Buy London.
18th September 2017
Countdown to the London Home Show Autumn 2017: Hear Marco and Olga's story about buying their first home for their young family with Notting Hill Sales.
16th September 2017
Countdown to the London Home Show Autumn 2017: L&Q's Lucy Chitty dispells some of the myths about home ownership.
Please find more Shared Ownership case studies at the below links:
Please find Help to Buy case studies at the below links: