Victoria Hough, 26, bought her first home earlier this year using Shared Ownership.
The first time buyer from Crewe started to think about moving out of her parents’ home last year, and then heard about an event Help to Buy North West were holding and decided to go along to find out more.
Victoria explains, “I was living with my parents and had decided it was time for me to get a place of my own. I had some money saved and wanted my own space so when I heard about the Help to Buy Show at Crewe Hall I decided to go along.”
Help to Buy North West hold free events throughout the North West, which give customers the opportunity to meet with house builders, solicitors and mortgage advisors under one roof and receive free and impartial advice, something Victoria found really useful.
She says, “It was good to have everything in one place and speak to different people. There were lots of developers to speak with rather than just one and I was able to get advice from a mortgage advisor and find out what I could afford.”
The wide range of developers and free mortgage advice came in handy as Victoria actually found a house on the day. Snugg Living was exhibiting their homes on the day and one of their developments, Vicarage Fields in Crewe, caught Victoria’s eye.
She recalls, “Snugg Living was advertising their new houses and had all the information displayed. They told me all about Shared Ownership and the options available so I put my name down for when they were released. The house I ended up buying was the one I saw on the day!”
Shared Ownership allows you to buy a share in a new home, ranging from 25% to 75%, depending on what you can afford. A housing association owns the remaining share, and you pay a reduced rent on that share. This means that you need to get a smaller mortgage to buy the property, and will also need a smaller deposit.
Victoria had to wait until earlier this year for the homes to be built but once they were she didn’t wait around.
“I had looked at other developments in the area but there weren’t any serious contenders, so when the houses became available I put my deposit down straight away. Snugg Living were great, they were really nice to deal with and explained everything to me so I was able to make an informed decision. The whole process was really straightforward and they walked me through everything which was great.”
Victoria was initially approved to own 30% of the property but owning half of her home was important to her so she saved up a little more and eventually went on to buy 50% of the property for just £82,500. She’s now settled in her new home and enjoying life as a homeowner.
She says, “More than anything I love the independence! Being able to do what I want when I want is great and it’s nice to have somewhere that’s mine. It wouldn’t have been possible without Shared Ownership, I definitely wouldn’t be sitting in my own place now without it. It’s just impossible these days to buy outright so Shared Ownership is a good option, and one I’ve been recommending to lots of people!”
If Victoria has inspired you to find out more about Shared Ownership you can contact us on 0300 790 0570 or email firstname.lastname@example.org.
You can find out more about Snugg Living’s homes for sale through Shared Ownership on their website - www.snuggliving.co.uk .