Published 20 Dec 2013
Bachelor Pad Dream Becomes Reality with Shared Ownership Resale
Having rented in a house share in West Kensington for the past five years with four other people, Max jumped at the opportunity to purchase a two bedroom apartment at Ashmore House in the same area as he was currently living.
The 35 year old financier was working in Tower Hill, saving for years in the hope of buying on the open market. At the time, the outlook was rather bleak as homebuyers in London needed an average of £72,760 in savings or equity to secure a 20 per cent deposit, according to research by the Castle Trust. Max soon realised the shared ownership scheme would enable him to purchase a home on his own much sooner than he could have ever thought possible.
Shared Ownership helps first time buyers onto the property ladder
Max explains, "I couldn't believe my luck when I discovered that a re-sale Shared Ownership apartment had become available in my local area. I was just coming to terms with the realisation that I might have to move further away to afford a property so I was relieved that I could stay in my hometown as a homeowner rather than a renter. It's also quite astonishing I was able to secure a two bedroom apartment. Working in finance I regularly take my exam preparation home with me. The spare bedroom is going to be the ideal place to study, that's if I can resist the large relaxing lounge!"
"The best part about purchasing a re-sale shared ownership apartment for me is knowing I'm going to live in an established community. Whilst viewing the apartment, the neighbours were so friendly, which is a great plus as I'm moving out from a house share into my own apartment. I'm also looking forward to decorating and putting my own stamp on things - it's going to be a place that is my own space!"
Shared Ownership with Peabody
The shared-ownership scheme available through Peabody ensures their apartments represent unbelievable value for money. You can start by purchasing as little as 25% and increase your share at any time all the way to 100% and outright ownership.
You will pay a Government subsidised rent on the remaining share of the property. It's a great alternative to renting as often the combined monthly mortgage payments and subsidised rent is lower than for private, rented accommodation.
Max concludes, "The Peabody team were always productive and guided me throughout the whole process. I was supported by experienced industry professionals who were genuinely interested in getting the right place for me, whilst this may seem like a small difference its impact was certainly significant in this process where I was taking a major life-step."
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Check out our property listing page for re-sale shared ownership properties in your area.
You can also read our complete guide to Shared Ownership resales if you still wanted more information about the low cost home ownership product.