Part-buy rises to occasion for home cook Victoria
RISING property prices were a real worry for first-time buyer
Victoria Follows. She spent many months looking for an affordable
way to get onto the property ladder and was starting to think her
dream might never come true when she found out about our shared ownership houses at Castle
Our affordable part-buy, part rent scheme − also known as
shared ownership − meant Victoria could afford to go solo and
use the savings she had built up while living with her parents as
deposit on a new two-bed house that she could call her own.
That was just three months ago and 28-year-old Victoria is still
loving every minute of her new lifestyle − including the
freedom to "make as much mess as possible while trying out new
recipes" in her own kitchen!
This enthusiastic home cook looks forward to increasing her
ownership share when she can afford it and − from a personal
point of view − has already recommended shared ownership to
other first-time buyers.
"Shared ownership really is an affordable way to get your foot
on the property ladder − especially if, like me, you want to
buy a home in an area that you couldn't otherwise afford," says
Victoria, a trainee solicitor.
"I had been looking to buy my own home for more than six months,
on and off. Stafford property prices can be quite high so there
were fairly few places in my price range on the open market.
"I did consider renting but felt this would be wasting money and
not actually get me anywhere. Then I heard about the new estate
being built at Doxey, on the outskirts of Stafford (pictured
below), and my younger brother drew my attention to the shared
"I was aware of shared ownership and decided it was right for me.
Buying a share rather than outright means the deposit is much more
affordable than if buying outright.
"The total monthly costs are very reasonable too. This was
important for me as I was apprehensive about making the leap to
being a property owner because of all the other associated costs on
top of the mortgage. Knowing that I had the support of Bromford
through the buying process and afterwards also gives me peace of
Three months after collecting the keys to her first home, the
trainee solicitor is happily settled in with her cat Tilly
and − for the time being − her younger brother
"Having a home of my own is everything I hoped for − and
more. It's convenient for the daily commute into Stafford where I
work, and my family and friends all live locally so the location
really is ideal," says Victoria. "Looking ahead, I certainly plan
to increase the share I own through what's called staircasing when
I can afford it and eventually, in my own time, would like to own
my home outright."
So would she recommend shared ownership to other
"Yes and I already have! I would definitely tell them to go for
it. It's important, of course, to make sure you know exactly what
they are signing up to but shared ownership is a
truly affordable way of getting onto the property ladder."
Bromford Homes Head of Sales Alan Bradley highlights Castle
View as one of Bromford's big shared ownership success stories
"Shared ownership is ideal for buyers like Victoria who have
local roots, see private sector rent as wasted money and simply
can't afford open market prices in a popular place like Stafford
where property prices are relatively high and incomes for many
people simply haven't kept pace," he says.
"We had more than 20 shared ownership homes here and they were
snapped up in a matter of months, with some buyers paying as little
as £35,000* for a minimum 25% share of a two-bed house and as
little as £1,750* in deposit.
"This rapid take-up highlights the need here in Staffordshire
(above) and across central England for an affordable and secure
alternative to private renting. That's why first-time buyers keep
saying a big YES to shared ownership."
* £35,000 would buy a 25% share of a two-bed house at Castle View
and a deposit could be as little as £1,750 with a 95% mortgage on
that minimum share. The actual amount you buy reflects what you can
afford. It ranges from 25% to a maximum or 75%, with 40% being a
typical amount, and you pay low rent on the remaining share.
To find out more about shared ownership homes
in your area, register for updates or call us on
0845 60 10878. You can also keep in touch by
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01 November 2013