Shared ownership case study: a happy customer
Tuesday, 21 December 2010 1:58 PM
First-time buyer and accountant Misha Verrall (21) moved into a shared ownership property in Buckinghamshire's Wycombe Mead development in November 2010. Here, she shares her thoughts on what it's like to part-buy, part-rent through the government's New Build HomeBuy scheme.
"I had been living with my family but I was keen to move out as I was working full-time and was ready for some independence. I was also just about to start my ATT (Association of Taxation Technicians) studies and wanted the space to study.
"One of my friends had moved into a shared ownership property in Aylesbury and it was lovely. Until then I had always just assumed you either had to buy or rent, I wasn't really aware of shared ownership schemes.
"Renting on its own never really appealed to me because it is expensive plus it doesn’t allow you to save much for your mortgage. I had a look into whether there were organisations offering similar schemes around the High Wycombe area and found Living At Wycombe Mead, where shared ownership properties were available through Thames Valley Housing.
"I don't have a high enough income to get a big mortgage, so this development was ideal for my situation - in fact it is actually a more affordable option than either renting on my own or buying a property. A couple of my friends are renting locally and it costs them between £650 and £700 a month, whilst the £595 I'm paying covers rent, mortgage and service charge.
"I was really impressed by the amount of space available when I visited the show apartment - I never thought I would've been able to live somewhere like this on my budget. But through my savings - and a little help from my parents - I bought a 25 per cent share in an off-plan, first-floor apartment for £43,750.
"Obviously I'm still paying rent - but I hope to be able to staircase as I save, and eventually own the whole property.
"Living alone is taking some getting used to, but I love my flat and am really glad I made the move."
Prices at Living at Wycombe Mead now start from £45,000 for a 25 per cent share in a two-bedroom apartment priced at £180,000.* For more information, contact the Thames Valley Housing HomeBuy team on 0844 470 4645, email sales@tvha.co.uk or visit tvha-wycombemead.co.uk.
To find out more about what shared ownership is, click here.
To read about someone who's had a negative experience of shared ownership, click here.
Interview by Ele Cooper
*All the properties at Living at Wycombe Mead are available through the New Build HomeBuy part-buy, part-rent government-led initiative, aimed at helping first time buyers and those looking for help to buy their own home. To apply for this scheme, purchasers need to have an annual household income of between £18,000 and £60,000 and work or live within Wycombe District.
