Beauty is our latest homeowner to start her shared ownership journey with WDH. She bought her dream home in Wakefield with Shared Ownership by WDH, providing her and her son with a safe and secure place to live.
Shared ownership is a national scheme that helps you to buy your dream home. Start by buying between 50% and 75% of your home and paying an affordable rent on the rest. Buy more when you can. This means a smaller deposit, smaller mortgage repayments and the flexibility to increase your shares whenever you're ready.
Beauty, a nurse at Leeds General Infirmary, was a WDH tenant for over 13 years, renting her previous home in Wakefield from one of Yorkshire’s largest social housing providers. She found out about shared ownership and the Greenhill Mews development after seeing the signage on site as she passed.
She said: “I was aware of Right to Buy and schemes like that, but shared ownership was a new idea for me. I’d considered buying the two-bedroom house I was renting from WDH but having a newly built and bigger house was a very attractive prospect. There is more room for my 13 year old son and his activities, and space for family and friends to stay when they visit.”
After completing her application with Help to Buy and her mortgage application, Beauty was able to purchase 60% of her brand-new home, paying an affordable rent on the rest with Shared Ownership by WDH. As her three-bedroom home was reserved off plan, things took a little longer, and she completed and moved into her new home nine months after completing her initial application.
She added: “Kathryn in the sales team was brilliant, she helped with all my queries. It was my first ever house purchase and I wasn’t sure what to expect but she provided contacts for mortgage lenders and a solicitor for conveyancing which made things easier.”
Beauty plans to study for a qualification that would increase her salary and staircase in the future to buy more shares in her property until she owns 100%.
She said: “Shared ownership has given me an opportunity to start on the property ladder. As the only wage earner, there was no hope of me getting a big enough mortgage for the whole price of the house. Buying part and renting the rest is a perfect solution for me.
“I would certainly recommend shared ownership to other people looking for their first home to own, especially if they are buying solo.”
Beauty added: “My final bit of advice to anyone looking to buy their first home with shared ownership would be to keep your eyes open, ask lots of questions and make sure you calculate all the costs involved and what you can afford, especially if interest rates were to rise. It is a great scheme that can really help people get onto the property ladder after years of renting just do your homework first.”
For more information on Shared Ownership by WDH or to see our available homes visit: www.wdh.co.uk/AvailableProperties/SharedOwnership/.